1554:, Mantoux said that Keynes "had been wrong on various counts, especially with respect to his predictions about Germany's coal, iron and steel production ... and its level of national saving". Keynes said Europe's overall output of iron would decrease; Mantoux said the opposite occurred. By 1929, European iron output had increased by ten per cent from that of 1913. Keynes believed that this European trend would also affect German iron and steel production. Mantoux says this prediction was also incorrect. By 1927, German steel output had increased by 30 per cent and iron output increased by 38 per cent from 1913. Keynes predicted that German coal extraction would also decrease and that Germany would not be able to export coal immediately after the war. Mantoux also counters these arguments. By 1920, German was exporting 15 million tons of coal a year and reached 35 million tons by 1926. By 1929, German coal mining had risen by 30 per cent on the 1913 figures because of her increased labor efficiency methods. In regard to national savings, Keynes stated that 2 billion marks would only be possible after the adoption of the treaty. Mantoux says that the 1925 German national savings figure was estimated at 6.4 billion marks, rising to 7.6 billion marks by 1927. Mantoux calculated that Germany borrowed between 8 billion and 35 billion marks in the period 1920–1931, while only paying 21 billion in reparations. This, he says, allowed Germany to re-equip, expand, and modernize her industry. Highlighting the rearmament under Hitler, Mantoux said Germany "had been in a stronger position to pay reparations than Keynes had made out". He also says that Germany could have paid all of the reparations if she had wanted to, and that the problem was not that Germany was unable to pay, but that she was unwilling to pay.
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funds ... Weimar could have borrowed from the citizenry, as France did after 1871 ". Marks writes that
Germany could have easily paid the 50 billion marks in reparations, but instead chose to repeatedly default on payments as part of a political strategy of undermining Versailles. Marks says that in 1921, Germany met her requirements in full because custom posts were occupied by Allied troops. Once the Allies had relinquished control of the customs posts, Germany made no further payments in cash until 1924 following the implementation of the Dawes Plan. Marks says that while Article 231 of the Treaty of Versailles "established an unlimited theoretical liability", Article 232 limited German responsibility to pay only for civilian damages. When the 1921 London conference to determine how much Germany should pay was called, the Allies calculated on the basis of what Germany could pay, not on their own needs. In this way, Marks says, the Germans largely escaped paying for the war and instead shifted the costs onto American investors. Marks states that the delay in establishing a final total until 1921, "was actually in Germany's interest" because the figures discussed at the peace conference were "astronomic". She says, "The British experts, Lords
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excursion into the economic field" by the Treaty of
Versailles, but said that the treaty excluded provisions for rehabilitating Europe's economies, for improving relations between the Allies and the defeated Central Powers, for stabilizing Europe's new nations, for "reclaim Russia", or for promoting economic solidarity between the Allies. Coal provides an example of these destabilizing effects in Germany and beyond. Keynes said the "surrender of the coal will destroy German industry" but conceding that without coal shipments as reparations, the French and Italian industries damaged directly by the war or indirectly by damage to coal mines would be affected. He writes that this is "not yet the whole problem". The repercussions would also affect Central and Northern Europe, and neutral states such as Switzerland and Sweden, which made up for their own coal deficiencies by trading with Germany. Likewise, Keynes said Austria would now be consigned to "industrial ruin" as "nearly all the coalfields of the former Empire lie outside of what is now
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the war, are responsible for all losses and damages ...". This resulted in a prevailing belief of humiliation among
Germans; the article was seen as an injustice and there was a view that Germany had signed "away her honor". Despite the public outrage, German government officials were aware "that Germany's position on this matter was not nearly so favorable as the imperial government had led the German public to believe during the war". Politicians seeking international sympathy would continue to use the article for its propaganda value, persuading many who had not read the treaties that the article implied full war guilt. German revisionist historians who later tried to ignore the validity of the clause found a ready audience among revisionist writers in France, Britain, and the US. The objective of both the politicians and historians was to prove that Germany was not solely guilty for causing the war; this was with the idea that, if that guilt could be disproved, the legal requirement to pay reparations would disappear.
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explain why "the period of least inflation coincided with the period of largest reparation payments ... or why
Germans claimed after 1930 that reparations were causing deflation". She writes "there is no doubt that British and French suspicions late in 1922 were sound". Marks also writes that the "astronomic inflation which ensued was a result of German policy", whereby the government paid for passive resistance in the Ruhr "from an empty exchequer" and paid off its domestic and war debts with worthless marks. Bell agrees and writes that "inflation had little direct connection with reparation payments themselves, but a great deal to do with the way the German government chose to subsidize industry and to pay the costs of passive resistance to the occupation by extravagant use of the printing press". Bell also writes that hyperinflation was not an inevitable consequence of the Treaty of Versailles, but was among the actual results.
1133:. At the latter conference, the US informed the British and French that they would not be allowed to default on their war debts. In turn, they recommended that war debts be tied into German reparation payments, to which the Germans objected. On 9 July, an agreement was reached and signed. The Lausanne Conference annulled the Young Plan and required Germany to pay a final, single installment of 3 billion marks. The Lausanne Treaty was to become effective as soon as a corresponding agreement had been reached with the United States on the repayment of the loans it had made to the Allied powers during World War I. Due to the failure to come to such an agreement, the Lausanne Treaty was not ratified by any of the states involved and therefore never became legally valid. Germany still paid interest on bonds created under the Dawes and Young plans until 1939, but did not resume paying reparations until after 1945.
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Hantke and
Spoerer argue that their findings show "that even under quite rigorous assumptions the net economic burden of the Treaty of Versailles was much less heavy than has been hitherto thought, in particular if we confine our perspective to the Reich's budget". They say, "though politically a humiliation", the limitation on the military "was beneficial in fiscal terms" and that their economic models show that "the restriction of the size of the army was clearly beneficial for the Reich budget". Additionally, their economic scenarios indicate that while the Treaty of Versailles was "overall clearly a burden on the German economy", it "also offered a substantial peace dividend for Weimar's non-revanchist budget politicians." They conclude that, "The fact that did not make sufficient use of this imposed gift supports the hypothesis that the Weimar Republic suffered from home-made political failure".
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1650:
Not doubt the
Germans could have paid reparations, if they had regarded them as an obligation of honour, honestly incurred." However, he says, "reparations ... kept the passions of war alive". Peter Liberman writes that while the Germans believed they could not meet such demands of them, the "French believed that Germany could pay and only lacked the requisite will" to do so. Liberman says this is "a position that has gained support from recent historical research". In regard to Germany's capacity to pay, he focuses on coal and says that German coal consumption per capita was higher than France's despite coal shipments being consistently short. He also says, "the reparations demanded at Versailles were not far out of proportion to German economic potential" and that in terms of national income it was similar to what the Germans demanded of France following the
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628:
1666:, summarizing the historiography on the subject, writes that historians have refuted the myth that reparations placed an intolerable burden on Germany. Marks says a "substantial degree of scholarly consensus now suggests that paying ... was within Germany's financial capacity". Ruth Henig writes, "most historians of the Paris peace conference now take the view that, in economic terms, the treaty was not unduly harsh on Germany and that, while obligations and damages were inevitably much stressed in the debates at Paris to satisfy electors reading the daily newspapers, the intention was quietly to give Germany substantial help towards paying her bills, and to meet many of the German objections by amendments to the way the reparations schedule was in practice carried out".
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burden than Keynes and others claimed" and that the "potential burden on national income of the annuity vary from 5 percent to 10 percent". However, he cautions against underestimating the initial German effort to pay. Before the implementation of the Dawes Plan, Germany transferred between eight and 13 billion gold marks, which amounted to "between 4 and 7 percent of total national income". Ferguson says "the annuity demanded in 1921 put an intolerable strain on the state's finances" and that total expenditure between 1920 and 1923 amounted to "at least 50 percent of Reich revenue, 20 percent of total Reich spending and 10 percent of total public spending". Thus, Ferguson says, reparations "undermined confidence in the Reich's creditworthiness" and "
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the Second World War". He says
Mantoux's work "is not simply a critique of Keynes", but "a stimulus to question the received wisdom's interpretation of the unfolding events in Germany". Harcourt says that despite it discussing Keynes' errors "in great detail", Mantoux's work "has not led us to revise our general judgment of Keynes", yet "it does make us question the soundness of theoretical and empirical aspects" of his arguments. A.J.P. Taylor writes that in 1919 "many people believed that the payment of reparations would reduce Germany to a state of Asiatic poverty", and that Keynes "held this view, as did all Germans; and probably many Frenchmen". However, he also says these "apprehensions of Keynes and the Germans were grotesquely exaggerated".
790:", with the Germans being informed that they would not be expected to pay them under realistic conditions. They were "a political bargaining chip" that served the domestic policies of France and the United Kingdom. The figure was completely unreal; its primary function was to mislead public opinion "into believing that the 132-billion-mark figure was being maintained". Furthermore, "Allied experts knew that Germany could not pay 132 billion marks and that the other Central Powers could pay little. Thus, the A and B Bonds, which were genuine, represented the actual Allied assessment of German capacity to pay." Taking into account the sum already paid between 1919 and 1921, Germany's immediate obligation was 41 billion gold marks.
572:, the flooding or blocking-off of more 1,000 miles of mine galleries, the ripping up of more than 1,000 miles of railway, the dropping of more than 1,000 bridges, as well as the looting of churches. German wartime requisitions of farm animals imposed on the civilian population within occupied France and Belgium included roughly 500,000 head of cattle, approximately 500,000 head of sheep, and more than 300,000 head of horses and donkeys. In cleaning up after the war, the French authorities had to remove over 3 hundred million metres of barbed wire and fill in more than a quarter of a billion cubic metres of trenches, with much farmland rendered essentially useless for years after the war due to
1005:. The subsequent "spirit of Locarno" saw an apparent reconciliation between the European Powers. The implementation of the Dawes Plan also saw a positive economic impact in Europe, largely funded by American loans. Under the Dawes Plan, Germany always met her obligations. However, German long-term goals remained the same despite the apparent reconciliation: the revision of the Treaty of Versailles to end reparations. The Dawes Plan was seen only a temporary measure, with expected future revisions. In late 1927, the Agent-General for Reparations "called for a more permanent scheme" for payments and in 1928 the Germans followed suit. German Foreign Minister
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Germany by land, by sea, and from the air", the terms of which they accepted. Regardless of which, Albrecht-Carrié says the reparation section of the treaty proved "to be a dismal failure". Campbell says, "although there was much in the peace that was 'petty, unjust, and humiliating', there was little aside from reparation clauses and certain territorial concessions, which had much real bearing upon
Germany's economic future". Summarizing the view of economists throughout the 1920s, she says the territorial changes to Germany were "not necessarily ... economically unsound", but than the removal of the
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1625:
little effort to pay reparations. It refused to levy the necessary taxes, and far from accumulating the foreign exchange required for their payment by collecting some of the overseas earnings of German exporters, it allowed them to leave their earnings abroad". William R. Keylor agrees with Boyce, and says, "an increase in taxation and reduction in consumption in the Weimar
Republic would have yielded the requisite export surplus to generate the foreign exchange needed to service the reparation debt". However,
1101:, was unable to make any concessions or reverse policy. As a result, BrĂĽning was unable to borrow money from foreign or domestic sources. Further attempts to enlist British support to end reparations failed; the British said it was a joint issue with France and the United States. In early July, BrĂĽning announced "his intention to seek the outright revision of the Young Plan". In light of the crisis and with the prospect of Germany being unable to repay her debts, United States President
1090:—the largest bank in Austria—collapsed, sparking a banking crisis in Germany and Austria. In response, Brüning announced that Germany was suspending reparation payments. This resulted in a massive withdrawal of domestic and foreign funds from German banks. By mid-July, all German banks had closed. Until this point, France's policy had been to provide Germany with financial support to help Brüning's Government stabilize the country. Brüning, now under considerable political pressure from
748:"in restitution for animals taken away by Bulgaria during the war". This would not be credited towards the reparation figure. Likewise, Bulgaria had to dispatch 50,000 tons of coal a year to the Serb-Croat-Slovene State in restitution for destroyed mines. These shipments would not be credited against Bulgaria's reparation sum. Germany, Austria, and Hungary all had commitments to handover timber, ore, and livestock to the Allied Powers. They would, however, be credited for these goods.
1167:, reparations were paid, towns were rebuilt, orchards replanted, mines reopened and pensions paid. However, the burden of repairs was shifted away from the German economy and onto the damaged economies of the war's victors. Hans Mommsen wrote "Germany financed its reparation payments to Western creditor nations with American loans", which the British and French then used to "cover their long-term interest obligations and to retire their wartime debts with the United States."
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purposes a total liability of 50 billion gold marks", but was also prepared "to pay the equivalent of this sum in annuities adapted to her economic capacity totalling 200 billion gold marks". In addition, the German
Government stated that "to accelerate the redemption of the balance" and "to combat misery and hatred created by the war", Germany was willing to provide the resources needed and "to undertake herself the rebuilding of townships, villages, and hamlets".
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vastly offset by the devaluation of Allied paper-mark deposits up to 1923, and by loans that Germany subsequently repudiated after 1924. The net capital transfer into Germany amounted to 17.75 billion marks, or 2.1% of Germany's entire national income over the period 1919–1931. In effect, America paid Germany four times more, in price-adjusted terms, than the U.S. furnished to West Germany under the post-1948 Marshall Plan. According to
1646:." Marks also says, "much ink has been wasted on the fact that civilian damages were stretched to cover war widows' pensions and allowances for military dependents". As reparations were based on what Germany could pay, Marks says the inclusion of such items did not affect German liability but altered distribution of reparations; the "inclusion of pensions and allowances increased the British share of the pie but did not enlarge the pie."
1528:, said, "the only 'unendurable servitudes' in the treaty were in the sections on Reparation and the Polish settlement and raised the question as to what part of Germany's grievance against the peace lay in the substance of its exactions and what part in the manner of their imposition". Sir Andrew McFayden, who also represented the British Treasury at the peace conference and later worked with the Reparation Commission, published his work
39:
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were extremely serious, as was the strain that the vicious circle of credits and reparations placed the international financial system". P.M.H. Bell writes that while reparations were unwelcome in Germany and caused a "strain on the German balance of payments", they could be paid and were "compatible with a general recovery in European commerce and industry". According to Martel,
1532:. McFayden's position "falls somewhere between the views of Keynes and Shotwell". His attack on reparations "was as harsh as Keynes" but he conceded that the "fault did not lie primarily in the provisions of the treaty but in their execution". He also believed "that the Polish settlement was the only readjustment ... which was decidedly unwise".
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Gerhard Weinberg writes that Germany refused to pay by, and that doing so destroyed their own currency. Anthony Lentin agrees and writes that inflation was "a consequence of the war rather than of the peace" and that hyperinflation was a result of the "German government's reckless issue of paper money" during the Allied occupation of the Ruhr.
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issued. At this meeting Brockdorff-Rantzau stated, "We know the intensity of the hatred which meets us, and we have heard the victors' passionate demand that as the vanquished we shall be made to pay, and as the guilty we shall be punished". However, he proceeded to deny that Germany was solely responsible for the war.
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and a weak exchange rate for the mark during 1920. Afterwards, as the value of the mark rose, inflation became a problem. None of these were the result of reparations. According to Ferguson, even without reparations total public spending in Germany between 1920 and 1923 was 33 per cent of total net national product.
943:. Under Anglo-American pressure and simultaneous decline in the value of the franc, France was increasingly isolated and her diplomatic position was weakened. In October 1923, a committee consisting of American, Belgian, British, French, German, and Italian experts and chaired by the former Director of the
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out, placing Germany in an economically precarious position as more money entered circulation, destroying the link between paper money and the gold reserve that had been maintained before the war. With its defeat, Germany could not impose reparations and pay off her war debts now, which were now colossal.
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Bernadotte Schmitt writes that if "pensions and separation allowances ... not been included, reparations would probably never have become the bogey that poisoned the post-war world for so many years. Taylor says, "no doubt the impoverishment of Germany was caused by war, not by reparations.
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Several historians take the middle ground between condemning reparations and supporting the argument that they were not a complete burden upon Germany. Detlev Peukert states, "Reparations did not, in fact, bleed the German economy" as had been feared, however the "psychological effects of reparations
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writes that Keynes' arguments that reparations would lead to German economic collapse have been adopted "by historians of almost all political persuasions" and have influenced the way historians and the public "see the unfolding events in Germany and the decades between Versailles and the outbreak of
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endorsed that view, writing that historians who say reparations caused hyperinflation have overlooked "that the inflation long predated reparations" and the way "inflation mushroomed" between mid-1921 and the end of 1922 "when Germany was actually paying very little in reparations" and have failed to
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Historian Niall Ferguson partially supports this analysis: had reparations not been imposed, Germany would still have had significant problems caused by the need to pay war debts and the demands of voters for more social services. Ferguson argued that these problems were aggravated by a trade deficit
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Germany's payment of reparations during the 1920s was funded mostly through foreign loans. In 1933, as well as stopping all reparations payments, the new German Chancellor Adolf Hitler in large part repudiated payment of these loans, including a default on all of debt owed in US Dollar bonds. In June
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called for a final reparation plan to be established alongside an early withdrawal of Allied troops from the Rhineland. The French, aware of their weakening political and financial position, acquiesced. On 16 September 1928, a joint Entente-German statement acknowledging the need for a new reparation
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On 9 January 1923, the Reparation Commission declared Germany to be in default of her coal deliveries and voted to occupy the Ruhr to enforce the country's reparation commitments. Britain was the lone dissenting voice to both measures. On 11 January, French and Belgian soldiers—supported by engineers
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In January 1921, the Allied Powers grew impatient and established the reparation sum at 226 billion gold marks. The Germans countered with an offer of 30 billion. On 24 April 1921, the German Government wrote to the American Government expressing "her readiness to acknowledge for reparation
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Allied losses of civilian shipping at sea due to the primarily-German U-boat campaign had also been severe, particularly for Britain. Nearly 8 million tons of British civilian shipping had been sunk by German U-boats, with many civilian crew killed. France, Italy, and the United States of America had
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Damages in France and Belgium included the complete demolition of more than 300,000 houses in German-occupied France, the stripping of more than 6,000 factories of their machinery and the smashing of textile industry in Lille and Sedan, the destruction of nearly 2,000 breweries, the blowing up of 112
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was determined, for these reasons, that any just peace required Germany to pay reparations for the damage it had caused. Clemenceau viewed reparations as a way of weakening Germany to ensure it could never threaten France again. His position was shared by the French electorate. Reparations would also
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Economic historian Paul Bairoch calculated German GNP in 1925 as approximately 45,002 million US Dollars at 1960 prices (see Bairoch, Paul (1976): "Europe's Gross National Product: 1800–1975", Journal of European Economic History, Vol. 5, pp. 273–340), which converts to approximately 388,685 million
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Amongst those stating that it was a cause, Erik Goldstein wrote that in 1921, the payment of reparations caused a crisis and that the occupation of the Ruhr had a disastrous effect on the German economy, resulting in the German Government printing more money as the currency collapsed. Hyperinflation
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argued the financial problems that arose in the early 1920s, were a result of post-war loans and the way Germany funded her war effort, and not the result of reparations. During the First World War, Germany did not raise taxes or create new ones to pay for war-time expenses. Rather, loans were taken
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gold marks. Ferguson further estimates that this sum amounted to 2.4 per cent of Germany's national income between 1919 and 1932. Stephen Schuker, in his comprehensive econometric study, concedes that Germany transferred 16.8 billion marks over the whole period, but points out that this sum was
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As a result of the plan, German payments were half the sum required under the Dawes Plan. The implementation of the Young Plan required the Anglo-French withdrawal from the Rhineland within months. Despite the reduction, there was increasing German hostility to the plan. For example, the Law against
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the slightest effort to carry out the treaty of peace, has always tried to escape her obligations, it is because until now she has not been convinced of her defeat ... We are also certain that Germany, as a nation, resigns herself to keep her pledged word only under the impact of necessity.
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Article 231 of the Treaty of Versailles was not correctly translated. Instead of stating "... Germany accepts responsibility of Germany and her allies causing all the loss and damage ...", the German Government's edition reads, "Germany admits it, that Germany and her allies, as authors of
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Judging others by themselves, the English, who are blinded by their loyalty, have always thought that the Germans did not abide by their pledges inscribed in the Versailles Treaty because they had not frankly agreed to them ... We, on the contrary, believe that if Germany, far from making
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The Allies were unanimous that the default was in bad faith. Whilst Germany had lost important coal-fields in Silesia when these were transferred to Poland under the Versailles treaty, the required coal-quota had also been reduced. Exporting of German coal to Austria and Switzerland continued until
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Between the signing of the Treaty of Neuilly-sur-Seine and April 1922, Bulgaria paid 173 million gold francs in reparations. In 1923, the Bulgarian reparation sum was revised downwards to 550 million gold francs, "plus a lump sum payment of 25 million francs for occupation costs". Towards this
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To pay towards this sum, Germany could pay in kind or in cash. Commodities paid in kind included coal, timber, chemical dyes, pharmaceuticals, livestock, agricultural machines, construction materials, and factory machinery. The gold value of these would be deducted from what Germany was required to
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that Germany would have to pay reparations for the devastation caused by the war, but would not pay for actual war costs. After the drafting of the Treaty of Versailles on 7 May that year, the German and Allied delegations met and the treaty was handed over to be translated and for a response to be
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that would economically destroy Germany. His arguments had a profound effect on historians, politicians, and the public at large. The consensus of contemporary historians is that reparations were not as intolerable as the Germans or Keynes had suggested and were within Germany's capacity to pay had
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writes that the treaty forced Germany to "pay astronomic reparations", while Tim McNeese states, "France and Britain had placed war damages on Germany to the tune of billions of gold marks, which the defeated Germans could not begin to pay in earnest". Ferguson says the reparations were "less of a
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during the war and was their official representative at the peace conference. He later resigned "when it became evident that hope could no longer be entertained of substantial modifications in the draft Terms of Peace" due to the "policy of the Conference towards the economic problems of Europe".
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acknowledge her defeat in World War I and to accept the Versailles Treaty". Poincaré recognized that if Germany could get away with defying Versailles in regard to the reparations, a precedent would be created and inevitably the Germans would proceed to dismantle the rest of the Versailles treaty.
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was deeply reluctant to order the occupation and had only taken this step after the British had rejected his proposals for more moderate sanctions against Germany. By December 1922, Poincaré was faced with Anglo-American-German hostility; coal supplies for French steel production were running low.
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opposed overbearing reparations. He argued for a smaller sum, which would be less damaging to the German economy with a long-term goal of ensuring Germany would remain a viable economic power and trading partner. He also argued that reparations should include war pensions for disabled veterans and
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said reparations were "a heavy burden on Germany, both as a financial charge ... and as a charge on Germany's balance of payments". However, he says that while "Germany claimed it could not afford to pay reparations" this was far from the truth, and that " ... Germany had made
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writes that before the German surrender, Woodrow Wilson dispatched a note to the German Government on 5 November 1918 stating that the Allies "under-stand that compensation will be made by Germany for all damage done to the civilian population of the Allies and their property by the aggression of
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While Germany initially had a trade deficit, British policy during the early 1920s was to reintegrate Germany into European trade as soon as possible. Likewise, France attempted to secure trade deals with Germany. During the mid-to-late 1920s, trade between France and Germany grew rapidly. French
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Because Austria was "so impoverished" after the war, and because of the collapse of the Bank of Vienna, the country paid no reparations "beyond credits for transferred property". Likewise, Hungary paid no reparations beyond coal deliveries because of the collapse of the Hungarian economy. Turkish
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Max Hantke and Mark Spoerer provide a different perspective on the effect of reparations on the German economy. They wrote that focusing on the reparations and inflation ignores "the fact that the restriction of the German military to 115,000 men relieved the German central budget considerably".
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now exerting its influence, the Bank for International Settlements reported that the Young Plan was unrealistic in light of the economic crisis and urged the world governments to reach a new settlement on the various debts they owed each other. During January 1932, BrĂĽning said he would seek the
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The occupation proved marginally profitable; the occupying powers received 900 million gold marks, and much of this merely covered the military costs of occupation. However, the real issue behind the occupation was not German defaults on coal and timber deliveries, but the forcing of Germany "to
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Sally Marks writes, "There are those ... who claim reparations were unpayable. In financial terms, that is untrue ... Of course Germans did not want to pay; nobody ever wants to pay, and Weimar was determined not to do so ... Raising taxes would have provided ample
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Several historians counter the argument that reparations caused the inflation and collapse of the mark, particular on the grounds that reparations payments, and particularly hard-cash payments, were in large part not made during the period of hyper-inflation and so could not be the cause of it.
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wrote "Germany was a net gainer by the financial transactions of the nineteen-twenties: she borrowed far more from private American investors ... than she paid in reparations". P.M.H. Bell stated the creation of a multi-national committee, which resulted in the Dawes Plan, was done to
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to encourage the Germans to make more effort to pay, while the British supported postponing payments to facilitate the financial reconstruction of Germany. On 26 December 1922, Germany defaulted on timber deliveries. The timber quota was based upon a German proposal and the default was massive.
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would be established in 1921. This commission would consider the resources available to Germany and her capacity to pay, provide the German Government with an opportunity to be heard on the subject, and decide on the final reparation figure that Germany would be required to pay. In the interim,
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By the 1922 quota deadline, "France had received 29% of her sawn timber allotment and 29% of her share of telegraph poles." While the German default was aimed specifically at France, there "was also substantial default on timber deliveries to Belgium and Italy". In addition, Britain "was still
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writes, "there can be no question that the entire London schedule could be viewed as a way of reducing the reparations bill without the Allied publics being fully informed of what was going on. This was recognized by at least some German politicians, one of whom optimistically argued that 'the
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says "the economic history of the 1920s and early 1930s seemed to confirm" the arguments of Keynes, yet "as we now know" Keynes' reparation arguments were wrong. Evans says the economic problems that arose were a result of the inflation of 1923, which lay with the German government rather than
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and territory to Poland "depriv Germany of her resources in excess of the amount necessary to fulfill the legitimate economic demands of the victors ... was indefensible". Campbell also said the treaty failed to include "provisions looking to the restoration of Germany to her former
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figure, fixing reparations "well within Germany's capacity to pay" would "make possible the renewal of hope and enterprise within her territory" and "avoid the perpetual friction and opportunity of improper pressure arising out of the Treaty clauses". Keynes identified reparations as the "main
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was held in July 1920. At this conference it was decided that Germany would be paid five marks per coal ton delivered to facilitate coal shipments and help feed the miners. Despite this, Germany continued to default on her obligations. By late 1922, the German defaults on payments had grown so
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was held in December 1929, resulting in 5.8 million people out of 6.3 million voters voting in favor of the law. This fell below the required 21 million votes (50% of eligible voters) in order for it to take effect. While this was a political defeat for Hugenberg, it did result in significant
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in gold, commodities, ships, securities, or other forms. The money would be used to pay Allied occupation costs and to buy food and raw materials for Germany. Article 121 of the Treaty of Neuilly acknowledged that "the resources of Bulgaria are not sufficient to enable her to make complete
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based on his objections to the Versailles treaty. He wrote that he believed "that the campaign for securing out of Germany the general costs of the war was one of the most serious acts of political unwisdom for which our statesmen have ever been responsible", and called the treaty a
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wrote that from 1924 onward, German officials were "virtually flooded with loan offers by foreigners". Overall, the German economy performed reasonably well until the foreign investments funding the economy and the loans funding reparations payments were suddenly withdrawn after the
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Hantke and Spoerer write that "reparation payments were indeed a severe economic burden for Germany" and that "the German economy was deprived of between one and 2.2 billion Reichsmark (RM) annually, which amounted in the late 1920s to nearly 2.5 per cent of Germany's GDP".
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writes that these kind of arguments overlook the extreme reluctance of the Germans "to accept even a modest increase in taxation to meet what was universally regarded as an unjustified and oppressive imposition by hostile adversaries". Feinstein says that "even if the economic
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was accepted and it replaced the London schedule of payment. While the "C" Bonds were omitted from the plan's framework, they were not formally rescinded. French troops were to withdraw from the Ruhr, and a bank independent of the German Government, with a ruling body at least
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According to Slavieck, the "traditional interpretation of the treaty's impact on Germany" was that it "plunged the nation into an economic free fall". This view was shared by the German people, who believed the treaty was robbing Germany of its wealth. German banker
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In the London ultimatum of 5 May, Germany was given six days to recognize the Schedule of Payments and to comply with the Treaty of Versailles' demands for disarmament and the extradition of German "war criminals". If it did not, the Allies threatened to occupy the
613:, served as a legal basis for the following articles, which obliged Germany to pay compensation and limited German responsibility to civilian damages. The same article, with the signatory's name changed, was also included in the treaties signed by Germany's allies.
384:) unconditionally. The payment of the remaining 'C' bonds was interest-free and without any specific schedule for payment, instead being contingent on the Weimar Republic's eventual ability to pay, as was to be assessed at some future point by an Allied committee.
1128:
Because of the political differences between countries on the subject and impending elections in France and Germany, a conference could not be established until June. On 16 June, the Lausanne Conference opened. However, discussions were complicated by the ongoing
580:
lost another 2 million tons of merchant shipping, again with heavy losses amongst crew. Another 1.2 million tons of neutral Norwegian, Danish, and Swedish shipping had also been sunk. The sinking of five British hospital ships also caused considerable bitterness.
1779:
No figure currently found showing the exact mark to dollar conversion. Instead, the estimated dollar value has been presented based on Sally Marks' comment that while the "paper mark depreciated rapidly, the gold mark held at 4 to the dollar and 20 to the
1029:, with a new payment schedule that would see reparations completed by 1988—the first time a final date had been set. In addition, foreign oversight of German finances was to end with the withdrawal of the Reparations Agency, which would be replaced by the
1358:
During the period of reparations, Germany received between 27 and 38 billion marks in loans. By 1931, German foreign debt stood at 21.514 billion marks; the main sources of aid were the United States, Britain, the Netherlands, and Switzerland.
1494:
was the "safe maximum figure", but though he also "not believe that pay as much". He predicted that the Reparation Commission was a tool that could "be employed to destroy Germany's commercial and economic organization as well as to exact payment".
1564:—one of the authors of Article 231—said that, "Efforts to bankrupt and humiliate a nation merely incite a people of vigor and of courage to break the bonds imposed upon them ... Prohibitions thus incite the very acts that are prohibited."
1516:
1612:
entente will only demand the 50 billion marks, not the rest. They have only called for the rest for domestic political reasons.'" Feldman also says the prospect that the 'C' bonds would be evoked hung over the German Government like a "
891:
December 1921 when the Reparations Committee banned all exports of German coal except to the Netherlands. In January 1923, despite quota reductions, the German Government defaulted on coal deliveries for the 34th time in three years.
1616:". In addition to Feldman and Ferguson's opposition, Peter Kruger, Barry Eichengreen, and Steven Webb agree that "the initial German effort to pay reparations" was substantial and "produced an immense strain" on the German economy.
1579:
According to Martel, Taylor "shrewdly concludes that Étienne Mantoux had the better of his controversy with John Maynard Keynes". Stephen Schuker writes that Keynes' "tendentious but influential" book was "ably refuted" by Mantoux.
1141:
The precise figure Germany paid is a matter of dispute. The German Government estimated it had paid the equivalent of 67.8 billion gold marks in reparations. The German figure included—other than gold or goods in kind—the
431:
Reparations played a significant role in Nazi propaganda, and after coming to power in 1933, Hitler ceased payment of reparations, although Germany still paid interest to holders of reparation bonds until 1939. Following the
508:
began to collapse. In particular, Austria-Hungary collapsed putting southern Germany at risk of invasion, Turkey surrendered freeing up Allied troops for action elsewhere, the German military was decisively defeated on the
1593:
said the terms of the treaty were "pillage on a global scale". Niall Ferguson says the German view was incorrect and "not many historians would today agree with Warburg". However, several historians agree with Warburg.
735:
did not have the resources to pay reparations, and delayed the establishment of a final figure until the Reparation Commission was established. In addition, Bulgaria was required to hand over thousands of livestock to
1661:
Keylor says that literature on reparations has "long suffered from gross misrepresentation, exaggeration, and outright falsification" and that it "should finally succumb to the archive-based discoveries of scholars".
540:) as well as Belgium. Extensive looting took place as German forces removed whatever material they could use and destroyed the rest. Hundreds of mines were destroyed along with railways, bridges, and entire villages.
974:
marks was to be raised—over 50 per cent coming from the United States, 25 per cent from Britain, and the balance from other European nations—to back the German currency and to aid in the payment of reparations.
395:
in 1924. This plan outlined a new payment method and raised international loans to help Germany to meet its reparation commitments. Despite this, by 1928 Germany called for a new payment plan, resulting in the
1382:. This collapse was magnified by the volume of loans provided to German companies by US lenders. Even the reduced payments of the Dawes Plan were mainly financed through a large volume of international loans.
1432:
Contemporary British and French experts believed that the Mark was being sabotaged to avoid budgetary and currency reform and to evade reparations, a view supported by Reich Chancellery records. Historian
962:, was to be established and the German currency was to be stabilized. The payment of reparations was also reorganized. In the first year following the implementation of the plan, Germany would have to pay
592:
opened on 18 January 1919, aiming to establish a lasting peace between the Allied and Central Powers. Demanding compensation from the defeated party was a common feature of peace treaties, including the
1424:
led Germany to avoid economic collapse from 1919 to 1920, but that reparations accounted for most of Germany's budget deficit in 1921 and 1922 and that reparations were the cause of the hyperinflation.
416:, no additional reparations payments were made. Between 1919 and 1932, Germany paid less than 21 billion marks in reparations, mostly funded by foreign loans that Adolf Hitler reneged on in 1933.
5040:
1463:"set the fashion for critics of the economic aspects of the treaty" and "made probably the severest and most sweeping indictment of its economic provisions". Keynes was temporarily attached to the
1520:
that most believed it to be the best agreement obtainable under the circumstances and that it was a minority that attacked the treaty, but these attacks "centered upon its economic provisions".
798:, which was destroyed by the Germans on 25 August 1914, was also credited towards the sum, as were some of the territorial changes the treaty imposed upon Germany. The payment schedule required
4955:
1386:
imports of German goods "increased by 60 per cent", highlighting the close links between French industrial growth and German production, and the increase in cooperation between the countries.
1116:
The moratorium was widely supported in both Germany and the United Kingdom. The French, initially hesitant, eventually agreed to support the American proposal. However, on 13 July, the German
536:
and Belgian countryside being heavily scarred in the fighting. Furthermore, in 1918 during the German retreat, German troops devastated France's most industrialized region in the north-east (
830:, accepted the ultimatum on 11 May and began the "policy of fulfillment" – by attempting to meet the demands, it tried to show the impossibility of complying with the scheduled payments.
4979:
452:
419:
Many Germans saw reparations as a national humiliation; the German Government worked to undermine the validity of the Treaty of Versailles and the requirement to pay. British economist
5980:
1630:
aspects ... were not as crippling as had been assumed in the 1920s, the exaction of reparations was still of deep political and psychological significance for Germany".
548:
go towards the reconstruction costs in other countries, including Belgium, which were also directly affected by the war. Despite domestic pressure for a harsh settlement, British
1051:(the "war guilt" clause) and the rejection of the Young Plan. While politicians rejected it, it attracted enough support from voters in order to be put up for a referendum. The
1146:, state property lost in lands ceded to other countries, and the loss of colonial territories. The Reparation Commission and the Bank for International Settlements state that
970:
marks per year by the fifth year of the plan. A Reparations Agency was established with Allied representatives to organize the payment of reparations. Furthermore, a loan of
1544:
position as the chief economic and financial stabilizing influence in central Europe" and that this was economically shortsighted and was an economic failing of the treaty.
524:
Germany signed an armistice with the allies on 11 November 1918. The armistice agreement included an agreement to pay "reparation for damage done" to the Allied countries.
597:
that Germany had imposed on France in 1871. However, the financial terms of treaties signed during the peace conference were labelled reparations to distinguish them from
1082:—the last occupation zone in the Rhineland—and Brüning's Government broached the subject of demanding further refinement to reparations, but this demand was refused by
444:
resulted in an agreement to pay 50 percent of the remaining balance. The final payment was made on 3 October 2010, settling German loan debts in regard to reparations.
1021:" was accepted and was ratified by the German Government on 12 March 1930. The plan established a theoretical final reparation figure at 112 billion gold marks
476:
broke out, with Austria-Hungary declaring war on Serbia, and Germany declaring war on and invading France and Belgium. For the next four years fighting raged across
939:
Although the French succeeded in their objective during the Ruhr occupation, the Germans had wrecked their economy by funding passive resistance and brought about
306:
1482:" that would economically affect all of Europe. Keynes said that the figures being bandied about by politicians at the time of the signing of the treaty, such as
950:
was formed, to consider "from a purely technical standpoint", how to balance the German budget, stabilize the economy and set an achievable level of reparations.
5751:
1180:
with West Germany. Germany agreed to repay 50 per cent of the loan amounts that had been defaulted on in the 1920s, but deferred some of the debt until West and
605:. Reparations were intended for reconstruction and compensating families who had been bereaved by the war. The opening article of the reparation section of the
1716:
847:
reparations had been "sharply limited in view of the magnitude of Turkish territorial losses". However, the Treaty of Sèvres was never ratified. When the
786:—less than the sum Germany had previously offered to pay. "C" Bonds, comprising the remainder of the reparation figure, "were deliberately designed to be
1412:
Historians and economists differ on the subject of whether, and to what extent, reparations were a cause of hyper-inflation in the Weimar republic.
768:
and the lower figure the British supported—that "represented an assessment of the lowest amount that public opinion ... would tolerate".
4872:
1658:
also says the impression that Germany was crippled by the reparations is a myth. Rather than a weakened Germany, he states the opposite was true.
4564:
1408:
A logarithmic scale depicting Weimar hyperinflation to 1923. One paper Mark per Gold Mark increased to one trillion paper Marks per Gold Mark.
760:
The London Schedule of Payments of 5 May 1921 established "the full liability of all the Central Powers combined, not just Germany alone," at
839:
figure, Bulgaria paid 41 million gold francs between 1925 and 1929. In 1932, the Bulgarian reparation obligation was abandoned following the
6033:
810:
annually, plus 26 per cent of the value of German exports. The German Government was to issue bonds at five per cent interest and set up a
299:
6004:
5744:
1143:
1033:. The bank was established to provide cooperation among central banks and to receive and disburse reparation payments. A further loan of
351:, having paid only a fraction of what was required, saw its reparation figure reduced and then cancelled. Historians have recognized the
1373:
consider ways the German budget could be balanced, the currency stabilized, and the German economy fixed to ease reparation payments.
5997:
2515:
1177:
877:
From the initiation of reparations, German coal deliveries were below the level agreed. In an attempt to rectify this situation, the
469:
441:
6011:
5571:
931:
489:
5821:
1048:
873:
Gymnastics Festival. The sign on the left reads "The Ruhr remains German". The right placard reads "We never want to be vassals".
622:
610:
292:
102:
1120:
collapsed, leading to further bankruptcies and a rise in unemployment further exacerbating Germany's financial crisis. With the
627:
5965:
5889:
5781:
5760:
5737:
1473:
673:
640:
404:) and created a schedule of payments that would see Germany complete payments by 1988. As a result of the severe impact of the
268:
162:
60:
30:
5786:
5690:
5667:
5636:
5614:
5553:
5508:
5486:
5462:
5439:
5416:
5393:
5374:
5318:
5299:
5280:
5254:
5235:
5213:
5190:
5054:
5026:
5007:
4968:
4943:
4907:
4861:
4842:
4816:
4797:
4778:
4755:
4697:
4667:
4641:
4619:
4550:
4529:
4503:
4434:
4413:
4387:
4334:
4307:
4282:
4259:
1399:
1236:
882:
serious and regular that a crisis engulfed the Reparations Commission. French and Belgian delegates urged the seizure of the
481:
376:
at the time) in reparations to cover civilian damage caused during the war. This figure was divided into three categories of
65:
355:
requirement to pay reparations as the "chief battleground of the post-war era" and "the focus of the power struggle between
5712:
5077:
4588:
4574:
1643:
1095:
989:
549:
2489:
5530:
5476:
2288:
2277:
2233:
1639:
1125:
complete cancellation of reparations. His position was supported by the British and Italians, and opposed by the French.
4770:
3115:
2310:
2244:
1711:
1635:
1421:
1083:
1030:
139:
1188:. In 1995, following reunification, Germany began making the final payments towards the loans. A final installment of
826:, finding itself unable to reach agreement on the issue, had resigned on 4 May. The government of the new chancellor,
5776:
5563:
2299:
2222:
2064:
55:
737:
500:. In part, this speech called for Germany to withdraw from the territory it had occupied and for the formation of a
4274:
1558:
728:
518:
340:
2266:
335:. Each defeated power was required to make payments in either cash or kind. Because of the financial situation in
5917:
5841:
994:
944:
537:
477:
223:
117:
17:
5140:
Marks, Sally (September 2013). "Mistakes and Myths: The Allies, Germany, and the Versailles Treaty, 1918–1921".
690:
5970:
5873:
5046:
4453:
4347:; Mahr, Dr. A. C. (June 1926). "A New Interpretation of the "Responsibility" Clause in the Versailles Treaty".
2321:
2255:
1916:
1416:
began and printing presses worked overtime to print Reichsbank notes; by November 1923 one US dollar was worth
865:
485:
380:: A, B, and C. Of these, Germany was required to pay towards 'A' and 'B' bonds totaling 50 billion marks (
273:
144:
4709:"The imposed gift of Versailles: the fiscal effects of restricting the size of Germany's armed forces, 1924-9"
3100:
Abelshauser, Werner; Ritschl, Albrecht; Fisch, S.; Holtfrerich, Carl-Ludwig; Hoffmann, Dierk O., eds. (2016).
1060:, who had worked with Hugenberg to promote the referendum, and subsequently in valuable right-wing financing.
1013:
In February 1929, a new committee was formed to re-examine reparations. It was chaired by the American banker
366:(signed in 1919) and the 1921 London Schedule of Payments required the Central Powers to pay 132 billion
6043:
4790:
A Low Dishonest Decade: The Great Powers, Eastern Europe, and the Economic Origins of World War II, 1930–1941
1550:, a French economist, was the harshest contemporaneous critic of Keynes. In his posthumously published book,
643:
764:
gold marks. This sum was a compromise promoted by Belgium—against higher figures demanded by the French and
4469:
1130:
589:
576:
and contamination by poison gas that continued to leak from buried gas-cylinders which had to be removed.
5939:
5922:
5894:
5851:
5796:
1069:
840:
677:
594:
510:
413:
245:
228:
180:
127:
75:
391:
in 1923 to enforce payments, causing an international crisis that resulted in the implementation of the
4326:
1504:
5934:
5803:
5328:
1835:
1535:
1074:
In March 1930, the German Government collapsed and was replaced by a new coalition led by Chancellor
848:
459:, 1918, one of the many destroyed French villages where reconstruction would be funded by reparations
240:
82:
5592:
3332:
2412:
Reparations, Deficits, and Debt Default: The Great Depression in Germany (Working Papers No. 163/12)
347:
after the war, few to no reparations were paid and the requirements for reparations were cancelled.
1730:
1691:
1621:
1540:
1047:. Hugenberg's proposed law called for the end of the Ruhr occupation, the official renouncement of
716:
reparation". Therefore, the treaty required Bulgaria to pay a sum equivalent of 2.250 billion
647:
560:. Wilson opposed these positions and was adamant that no indemnity should be imposed upon Germany.
541:
4426:
The Treaty of Versailles, 1919:: A Primary Source Examination of the Treaty That Ended World War I
5311:
End of French Predominance in Europe: Financial Crisis of 1924 and the Adoption of the Dawes Plan
4929:
4834:
4521:
1052:
1043:
the Enslavement of the German People, or Freedom Law, was proposed by the nationalist politician
724:
336:
4271:
The Beginnings of Scholarly Economic Journalism: The Austrian Economist and The German Economist
5960:
5868:
5679:
German Diplomatic Relations 1871–1945: The Wilhelmstrasse and the Formulation of Foreign Policy
5646:
5333:
4708:
4397:
1379:
896:
878:
860:
388:
3101:
1086:, the British ambassador to France. During 1931, a financial crisis began in Germany. In May,
5831:
5579:
5454:
5353:
4482:
1720:
699:
356:
332:
6038:
5813:
5567:
3133:"German Debt Traded in London during the Second World War: A British Perspective on Hitler"
1185:
669:
606:
363:
95:
8:
5927:
5431:
4917:
4826:
4681:
1651:
1460:
1098:
827:
787:
573:
556:
allowances for war widows, which would reserve a larger share of the reparations for the
420:
348:
233:
5909:
1075:
907:
Exasperated with Britain's failure to act, he wrote to the French ambassador in London:
903:
685:
216:
5944:
5718:
5341:
5179:
5165:
5157:
5128:
5120:
5092:
5036:
5002:. Princeton Studies in International History and Politics. Princeton University Press.
4933:
4731:
4463:
4366:
4238:
3160:
3082:
1706:
1561:
1479:
1091:
823:
741:
694:
Trains loaded with machinery deliver their cargo in 1920 as reparation payment in kind.
632:
552:
544:
424:
250:
5087:
4634:
The Great Disorder: Politics, Economics, and Society in the German Inflation 1914–1924
1547:
5899:
5791:
5768:
5729:
5686:
5663:
5632:
5610:
5604:
5549:
5526:
5504:
5482:
5458:
5435:
5412:
5408:
5389:
5370:
5314:
5295:
5276:
5250:
5231:
5209:
5186:
5169:
5132:
5073:
5065:
5050:
5022:
5003:
4964:
4939:
4903:
4857:
4838:
4812:
4793:
4774:
4751:
4727:
4693:
4663:
4637:
4615:
4607:
4570:
4546:
4540:
4525:
4499:
4449:
4430:
4424:
4409:
4383:
4370:
4344:
4330:
4319:
4303:
4293:
4278:
4255:
3152:
3111:
2060:
1912:
1626:
1521:
1110:
1006:
681:
501:
409:
198:
70:
48:
4735:
5858:
5600:
5269:
5149:
5112:
4723:
4584:
4405:
4358:
4230:
3892:
3350:
3144:
1581:
1510:
Campbell writes that the "apparent majority did not regard the treaty as perfect".
1490:, as "not within the limits of reasonable possibility". He instead calculated that
1164:
1121:
1106:
1044:
1002:
947:
765:
598:
405:
367:
203:
134:
4400:; Clark, Clifford E.; Hawley, Sandra; Kett, Joseph.F & Rieser, Andrew (2009).
5472:
5205:
4592:
4513:
4486:
4349:
4159:
1725:
1683:
1194:
was made on 3 October 2010, settling German loan debts in regard to reparations.
497:
352:
328:
5542:
The Encyclopedia of World War I : A Political, Social, and Military History
1325:
Total German payments (cash. credit for state assets, and in-kind) made by 1932
5568:"Papers relating to the foreign relations of the United States, 1921 Volume II"
5264:
4891:
4743:
4677:
4651:
4629:
4477:
Campbell, Claude A. (Jan 1942). "Economic Errors of the Treaty of Versailles".
4382:. Publications of the German Historical Institute. Cambridge University Press.
4362:
3178:
2350:
2338:
1900:
1655:
1608:
1572:
1511:
1360:
1155:
1102:
940:
833:
772:
732:
557:
505:
493:
400:
that established the German reparation requirements at 112 billion marks (
377:
359:
and Germany over whether the Versailles Treaty was to be enforced or revised."
344:
324:
5161:
5116:
4378:
Boemeke, Manfred F.; Feldman, Gerald D. & Glaser, Elisabeth, eds. (1998).
2410:
1158:
provides a slightly lower figure. He estimates that Germany paid no more than
532:
Most of the war's major battles occurred in France and Belgium, with both the
412:
in 1931, and after the failure to implement the agreement reached in the 1932
6027:
4960:
4560:
3156:
1595:
1369:
1087:
1014:
723:
The treaties of Saint-Germain-en-Laye, Trianon, and Sèvres acknowledged that
3586:
3148:
794:
pay. Germany's assistance with the restoration of the university library of
5863:
5223:
1696:
1181:
1057:
811:
437:
433:
5042:
Peacemakers: The Paris Peace Conference of 1919 and Its Attempt to End War
4402:
The Enduring Vision: A History of the American People, Volume 2: From 1865
3445:
3443:
5975:
5624:
5496:
4748:
On Skidelsky's Keynes and Other Essays: Selected Essays of G. C. Harcourt
4299:
1701:
1590:
1464:
1434:
1404:
1374:
514:
473:
320:
278:
38:
3086:
3070:
1677:
5846:
5836:
5518:
5124:
4956:
Dynamic of Destruction: Culture and Mass Killing in the First World War
4831:
John Foster Dulles: Piety, Pragmatism, and Power in U.S. Foreign Policy
4659:
4242:
3440:
3251:
3249:
3247:
3245:
3243:
3201:
3199:
3164:
3132:
1904:
1663:
1154:
was paid before the implementation of the London Schedule of Payments.
1018:
984:
954:
926:
745:
717:
533:
397:
392:
122:
112:
5345:
4000:
2160:
851:
was signed in 1923, Turkish reparations were "eliminated altogether".
5682:
5660:
Guarantee of Peace: The League of Nations in British Policy 1914–1925
5523:
The Wages of Destruction: The Making and Breaking of the Nazi Economy
4689:
4221:
Albrecht-Carrié, René (March 1940). "Versailles Twenty Years After".
1117:
602:
569:
5000:
Does Conquest Pay? The Exploitation of Occupied Industrial Societies
4234:
4183:
4171:
4036:
3964:
3952:
3916:
3455:
3374:
3240:
3196:
2534:
517:, all of which prompted domestic uprisings that became known as the
5653:. World Peace Foundation pamphlets, v.1–12. World Peace Foundation.
5545:
5153:
5072:. Discovering U.S. History. Chelsea House Publications; 1 edition.
2518:[The Fehrenbach Cabinet – The Resignation of the Cabinet].
2326:
1613:
895:
including an Italian contingent—entered the region, initiating the
456:
5094:
The Carthaginian Peace: Or the Economic Consequences of Mr. Keynes
3099:
1552:
The Carthaginian Peace, or the Economic Consequences of Mr. Keynes
997:: one of the two conferences aimed at implementing the Young Plan.
5562:
4899:
3356:
2356:
2344:
565:
3540:
3538:
2919:
2189:
2187:
1517:
The Making of the Reparation and Economic Sections of the Treaty
631:
Demonstration against the Treaty of Versailles, in front of the
2787:
2785:
2770:
870:
795:
5403:
Simkins, Peter; Jukes, Geoffrey & Hickey, Michael (2003).
4273:. The European Heritage in Economics and the Social Sciences.
3769:
3261:
3027:
2991:
2124:
1805:
1451:
3651:
3649:
3574:
3562:
3550:
3535:
3300:
2184:
1925:
1274:
London Schedule of Payments, 5 May 1921 (All Central Powers)
1079:
3039:
2782:
2712:
834:
End of reparations for Austria, Bulgaria, Hungary and Turkey
5181:
Origins of the Second World War Reconsidered Second Edition
5103:
Marks, Sally (September 1978). "The Myths of Reparations".
3757:
3211:
3015:
2979:
2931:
2430:
1864:
1817:
883:
819:
3820:
3646:
3290:
3288:
2804:
2802:
2800:
2555:
2553:
2551:
2549:
2148:
2090:
2088:
1420:
Ferguson writes that the policy of the Economics Minister
387:
Due to the lack of reparation payments by Germany, France
5386:
The First World War: Volume 3 The Western Front 1917–1918
4686:
The Major International Treaties of the Twentieth Century
4612:
Banking, Currency, and Finance in Europe between the Wars
3496:
3430:
3428:
3312:
2831:
2829:
2402:
1966:
1964:
1105:
intervened. In June, Hoover publicly proposed a one-year
4448:. Lanham, MD 1996: Rowman & Littlefield Publishers.
4444:
Herring, George C. & Carroll, John M., eds. (1996).
4101:
4099:
4060:
4048:
3793:
3781:
3745:
3733:
3673:
3634:
3513:
3511:
3474:
3472:
3470:
3230:
3228:
3226:
2760:
2758:
2206:
2204:
2202:
1937:
1150:
gold marks was paid by Germany in reparations, of which
4429:. Primary Sources of American Treaties. Rosen Central.
4135:
4123:
4012:
3988:
3976:
3904:
3856:
3844:
3401:
3391:
3389:
3285:
2967:
2943:
2883:
2873:
2871:
2856:
2797:
2733:
2731:
2729:
2727:
2630:
2628:
2613:
2601:
2546:
2516:"Das Kabinett Fehrenbach – Der Rücktritt des Kabinetts"
2454:
2442:
2392:
2390:
2377:
2375:
2373:
2371:
2369:
2367:
2365:
2112:
2100:
2085:
2000:
1840:
1755:
awaiting 99.80" per cent of her 1922 timber deliveries.
1603:
therefore excessive—as the German government claimed".
814:
of one per cent to support the payment of reparations.
5759:
5645:
4147:
4024:
3940:
3928:
3810:
3808:
3721:
3709:
3685:
3661:
3523:
3425:
2826:
2565:
2540:
2024:
1976:
1961:
4111:
4096:
4084:
4072:
3880:
3868:
3832:
3697:
3610:
3598:
3508:
3467:
3362:
3273:
3223:
3003:
2846:
2844:
2755:
2676:
2199:
2136:
2012:
1988:
1949:
1876:
1717:
Reparations Agreement between Israel and West Germany
935:
The first American gold arrives as per the Dawes Plan
5540:
Tucker, Spencer C. & Roberts, Priscilla (2005).
5367:
Economic Crisis and French Foreign Policy: 1930–1936
4676:
4518:
The Great Depression of the 1930s: Lessons for Today
4396:
4377:
4195:
4189:
4177:
4042:
4006:
3970:
3958:
3922:
3592:
3461:
3449:
3386:
3380:
3255:
3205:
3110:] (in German). Berlin: De Gruyter. p. 575.
3081:(2). Sage Publications, Inc.: 75–77 September 1932.
2955:
2907:
2895:
2868:
2814:
2743:
2724:
2700:
2688:
2664:
2640:
2625:
2589:
2577:
2466:
2387:
2362:
2332:
2166:
2073:
1852:
1673:
775:: "A" and "B" Bonds together had a nominal value of
4833:. Biographies in American Foreign Policy (Book 2).
3805:
3622:
3484:
3413:
3131:Brown, William O.; Burdekin, Richard C. K. (2002).
3051:
822:. In anticipation of such an ultimatum, the German
5709:German Reparations, 1919-1932: A Historical Survey
5402:
5268:
5178:
5091:
4318:
2841:
2652:
2172:
2036:
1811:
1793:
5606:A World at Arms: A Global History of World War II
6025:
5358:World in trance: From Versailles to Pearl Harbor
1895:
1893:
1891:
1225:Approximate percentage of Germany's GNP in 1925
5451:Modern World History for OCR specification 1937
5331:(Feb 1960). "The Peace Treaties of 1919–1920".
4249:
4220:
3775:
2997:
2245:Treaty of Saint-Germain-en-Laye, articles 178-9
2193:
1642:, were so unrealistic that they were nicknamed
1348:
869:Protests by gymnasts from the Ruhr at the 1923
5294:. Princeton Studies in International Finance.
4767:German Social Democracy and the Rise of Nazism
4589:"Hitler and the origins of the war, 1919–1939"
4443:
2791:
1017:and presented its findings in June 1929. The "
755:
5745:
5539:
5352:
5222:
4706:
4295:The Origins of the Second World War in Europe
3580:
3568:
3556:
3544:
3306:
3130:
3045:
2925:
2718:
1888:
1870:
1823:
1748:
1001:The adoption of the plan was followed by the
771:This figure was divided into three series of
703:Germany was required to pay an equivalent of
492:. On 8 January 1918, United States President
300:
5717:
5495:
5405:The First World War: The War to End All Wars
5016:
4928:
4512:
3217:
3033:
3021:
2985:
2937:
2776:
2436:
1775:
1773:
1771:
1078:. In June, Allied troops withdrew from near
1063:
496:issued a statement that became known as the
6005:The Signing of Peace in the Hall of Mirrors
4343:
3103:Wirtschaftspolitik in Deutschland 1917–1990
2311:Treaty of Saint-Germain-en-Laye, Annex IV–V
2154:
2130:
1441:
1291:A and B Bonds, of the above payment scheme
1178:agreement was reached on this existing debt
1144:scuttling of the German fleet at Scapa Flow
1109:to reparation and war debts. By July, the "
658:
5752:
5738:
5313:. The University of North Carolina Press.
5292:American "Reparations" to Germany, 1919-33
5230:. The University of North Carolina Press.
4566:Europe at War 1939–1945: No Simple Victory
307:
293:
5723:The Truth About Reparations and War-Debts
5035:
4606:
4380:Versailles: A Reassessment after 75 Years
4054:
1943:
1768:
1758:
1136:
504:. During the fourth quarter of 1918, the
470:assassination of Archduke Franz-Ferdinand
442:London Agreement on German External Debts
6012:To the Unknown British Soldier in France
5657:
5599:
5572:United States Government Printing Office
5425:
4997:
4825:
4742:
4650:
4538:
4476:
4268:
4141:
3910:
3862:
3850:
3799:
3787:
3763:
3751:
3640:
3294:
2835:
2571:
2448:
2030:
2006:
1982:
1970:
1931:
1459:According to historian Claude Campbell,
1450:
1403:
988:
930:
864:
689:
626:
451:
428:there been the political will to do so.
408:on the German economy, reparations were
5623:
5383:
5327:
5308:
5289:
5263:
5086:
5063:
5017:Nohlen, Dieter; Stöver, Philip (2010).
4938:. University of California Press, Ltd.
4890:
4656:The Pity of War: Explaining World War I
4628:
4496:Reinterpreting the Keynesian Revolution
4422:
4153:
4129:
4018:
3994:
3982:
3946:
3886:
3826:
3502:
3434:
3407:
3330:
3267:
3071:"The Result of the Lausanne Conference"
2408:
1994:
1955:
1899:
1882:
1858:
1039:was to be raised and given to Germany.
698:The Treaty of Versailles stated that a
623:Article 231 of the Treaty of Versailles
14:
6026:
5998:A Peace Conference at the Quai d'Orsay
5966:American Commission to Negotiate Peace
5869:Possible cause of the Second World War
5471:
5448:
5430:. Milestones in Modern World History.
5364:
5244:
5199:
5176:
4977:
4952:
4922:The Economic Consequences of the Peace
4916:
4870:
4764:
4559:
4316:
4165:
4030:
3934:
3874:
3838:
3739:
3727:
3715:
3703:
3691:
3679:
3667:
3655:
3604:
3517:
3478:
3368:
3357:United States Department of State 1921
3279:
3009:
2973:
2901:
2706:
2595:
2583:
2487:
2472:
2357:United States Department of State 1921
2345:United States Department of State 1921
2223:Treaty of Versailles, articles 232–235
2210:
2142:
2054:
2018:
1846:
1474:The Economic Consequences of the Peace
1255:The Economic Consequences of the Peace
674:Treaty of Saint-Germain-en-Laye (1919)
269:American Commission to Negotiate Peace
5733:
5676:
5517:
5228:The Rise and Fall of Weimar Democracy
5139:
5102:
4851:
4806:
4583:
4479:Southwestern Social Science Quarterly
4252:France, Europe and the Two World Wars
4201:
4117:
4105:
4090:
4078:
4066:
3898:
3616:
3419:
3395:
3318:
3234:
3057:
2961:
2949:
2913:
2889:
2877:
2862:
2820:
2808:
2749:
2737:
2694:
2670:
2646:
2634:
2619:
2607:
2559:
2483:
2481:
2460:
2396:
2381:
2118:
2106:
2094:
2079:
1799:
1400:Hyperinflation in the Weimar Republic
5019:Elections in Europe: A Data Handbook
4787:
4493:
4291:
3901:, Hitler and the Origins of the War.
3814:
3628:
3529:
3490:
3108:Economic Policy in Germany 1917–1990
2850:
2764:
2682:
2658:
2488:Scriba, Arnulf (14 September 2014).
2178:
2042:
1230:Initial German offer, 24 April 1921
463:
6034:Aftermath of World War I in Germany
5651:October 1917 – August 1930 Volume 5
5478:The Origins of the Second World War
4707:Hantke, Max; Spoerer, Mark (2010).
2256:Treaty of Trianon, articles 162–163
2057:Bismarck: The Man and the Statesman
1911:. Octopus Books. pp. 273–274.
824:government of Constantin Fehrenbach
644:Count Ulrich von Brockdorff-Rantzau
24:
5761:Paris Peace Conference (1919–1920)
5701:
5501:The World Economy between the Wars
5247:The Great War: An Imperial History
4959:. The Making of the Modern World.
4935:The World in Depression, 1929–1939
4771:University of North Carolina Press
4542:A Short History of Modern Bulgaria
4190:Boemeke, Feldman & Glaser 1998
4178:Boemeke, Feldman & Glaser 1998
4043:Boemeke, Feldman & Glaser 1998
4007:Boemeke, Feldman & Glaser 1998
3971:Boemeke, Feldman & Glaser 1998
3959:Boemeke, Feldman & Glaser 1998
3923:Boemeke, Feldman & Glaser 1998
3593:Boemeke, Feldman & Glaser 1998
3462:Boemeke, Feldman & Glaser 1998
3450:Boemeke, Feldman & Glaser 1998
3381:Boemeke, Feldman & Glaser 1998
3331:Suddath, Claire (4 October 2010).
3256:Boemeke, Feldman & Glaser 1998
2478:
2333:Boemeke, Feldman & Glaser 1998
2167:Boemeke, Feldman & Glaser 1998
1446:
1031:Bank for International Settlements
854:
663:
616:
25:
6055:
5777:Covenant of the League of Nations
5564:United States Department of State
5426:Slavicek, Louise Chipley (2010).
4168:, The Demonization of Versailles.
1393:
966:marks. This figure would rise to
804:within twenty-five days and then
527:
56:Covenant of the League of Nations
5725:. London: William Heinemann Ltd.
5503:. Oxford University Press, USA.
5455:Heinemann Educational Publishers
4873:"The Demonization of Versailles"
4728:10.1111/j.1468-0289.2009.00512.x
4636:. Oxford University Press, Inc.
4614:. Oxford University Press, USA.
3324:
3206:Grenville & Wasserstein 2000
2300:Treaty of Versailles, Annex IV–V
2267:Treaty of Sèvres, articles 231-6
2059:. Hamish Hamilton. p. 133.
1812:Simkins, Jukes & Hickey 2003
1676:
1559:United States Secretary of State
1170:
37:
5918:Partition of the Ottoman Empire
5890:Treaty of Saint-Germain-en-Laye
5842:Hague conference on reparations
5360:. L.B. Fischer Publishing Corp.
5202:A Companion to Europe 1900–1945
4809:Versailles and After: 1919–1933
4325:. Cambridge Concise Histories.
3333:"Why Did World War I Just End?"
3171:
3124:
3093:
3063:
2508:
2409:Ritschl, Albrecht (June 2012).
2315:
2304:
2293:
2282:
2271:
2260:
2249:
2238:
2227:
2216:
2048:
538:Nord-Pas de Calais Mining Basin
224:Partition of the Ottoman Empire
163:Treaty of Saint-Germain-en-Laye
157:Treaty of Saint-Germain-en-Laye
118:Hague conference on reparations
5971:Commission of Responsibilities
5874:International Opium Convention
5631:(1933 ed.). Beard Books.
5609:. Cambridge University Press.
5499:& Toniolo, Gianni (2008).
4545:. Cambridge University Press.
4250:Albrecht-Carrié, René (1960).
2289:Treaty of Neuilly, Article 128
2278:Treaty of Neuilly, Article 127
2234:Treaty of Neuilly, Article 121
1829:
274:Commission of Responsibilities
145:International Opium Convention
140:Possible cause of World War II
13:
1:
5226:& Foster, Elborg (1988).
5142:The Journal of Modern History
4213:
2494:Deutsches Historisches Museum
978:
920:
583:
447:
5309:Schuker, Stephen A. (1976).
5290:Schuker, Stephen A. (1988).
5200:Martel, Gordon, ed. (2010).
5177:Martel, Gordon, ed. (1999).
4516:& Fearon, Peter (2013).
4321:A Concise History of Austria
1787:
1741:
1455:John Maynard Keynes in 1933.
1349:Effect on the German economy
1336:
1333:
1330:
1327:
1319:
1316:
1313:
1310:
1302:
1299:
1296:
1293:
1285:
1282:
1279:
1276:
1268:
1265:
1262:
1259:
1247:
1244:
1241:
1232:
1131:World Disarmament Conference
7:
5940:Turkish War of Independence
5923:Conference of London (1920)
5895:Treaty of Neuilly-sur-Seine
5797:Little Treaty of Versailles
5662:. Oxford University Press.
5658:Yearwood, Peter J. (2009).
4978:Lentin, Antony (Jan 2012).
4871:Keylor, William R. (2013).
4852:Joshi, Srivastava (2005) .
4716:The Economic History Review
4223:Political Science Quarterly
2541:World Peace Foundation 1922
1669:
1343:
1070:Lausanne Conference of 1932
756:London Schedule of Payments
678:Treaty of Neuilly-sur-Seine
472:by a Serb nationalist, the
440:took up payments. The 1953
246:Turkish War of Independence
229:Conference of London (1920)
181:Treaty of Neuilly-sur-Seine
175:Treaty of Neuilly-sur-Seine
76:Little Treaty of Versailles
10:
6060:
5432:Chelsea House Publications
5098:. Scribner; First Edition.
4980:"Germany: a New Carthage?"
4930:Kindleberger, Charles Poor
4924:. Harcourt Brace and Howe.
4363:10.1525/curh.1926.24.3.398
4327:Cambridge University Press
4269:Backhaus, JĂĽrgen (2012) .
2792:Herring & Carroll 1996
2322:Treaty of Trianon, Annex V
1397:
1353:
1197:
1067:
982:
924:
858:
667:
620:
319:Following their defeat in
5989:
5953:
5935:Turkish National Movement
5908:
5882:
5812:
5767:
5629:Foreign Bonds: An Autopsy
5117:10.1017/s0008938900018707
4856:. GOEL Publishing House.
4446:Modern American Diplomacy
3581:Hantke & Spoerer 2010
3569:Hantke & Spoerer 2010
3557:Hantke & Spoerer 2010
3545:Hantke & Spoerer 2010
3307:Mommsen & Foster 1988
3046:Mommsen & Foster 1988
2926:Mommsen & Foster 1988
1871:Tucker & Roberts 2005
1824:Tucker & Roberts 2005
1765:US dollars at 2019 prices
1567:
1064:End of German reparations
241:Turkish National Movement
5428:The Treaty of Versailles
5245:Morrow, John H. (2005).
5105:Central European History
4998:Liberman, Peter (1995).
4835:Rowman & Littlefield
4468:: CS1 maint: location (
4423:Brezina, Corona (2006).
3034:Temin & Toniolo 2008
3022:Temin & Toniolo 2008
2986:Crafts & Fearon 2013
2938:Nohlen & Stöver 2010
2777:Crafts & Fearon 2013
2437:Crafts & Fearon 2013
1736:
1731:World War II reparations
1692:Aftermath of World War I
1498:Writing of his proposed
1442:Criticism and commentary
1418:4,200,000,000,000 marks.
1253:J.M. Keynes proposal in
746:Serb-Croat-Slovene State
659:Evolution of reparations
648:Weimar National Assembly
542:Prime Minister of France
5677:Young, William (2006).
5384:Simkins, Peter (2002).
4896:Europe between the wars
4854:International Relations
4539:Crampton, R.J. (1987).
4522:Oxford University Press
4317:Beller, Steven (2007).
3595:, pp. 409–10, 425.
3149:10.1111/1468-0335.00305
2155:Binkley & Mahr 1926
2131:Binkley & Mahr 1926
2055:Taylor, A.J.P. (1988).
1380:1929 Stock Market Crash
1056:national attention for
995:Second Hague Conference
945:US Bureau of the Budget
468:In 1914, following the
5647:World Peace Foundation
5587:Cite journal requires
5449:Taylor, David (2001).
5369:. Brill Academic Pub.
5354:Schwarzschild, Leopold
5334:Proc. Am. Philos. Soc.
5070:World War II 1939–1945
4788:Hehn, Paul N. (2005).
4765:Harsch, Donna (2009).
4750:. Palgrave Macmillan.
4292:Bell, P.M.H. (1997) .
1909:History of World War 1
1836:Fourteen Points Speech
1471:In 1919, Keynes wrote
1456:
1409:
1137:Amount paid by Germany
998:
960:50 per cent non-German
936:
914:
897:Occupation of the Ruhr
874:
861:Occupation of the Ruhr
783:US$ 12.5 billion)
695:
636:
590:Paris Peace Conference
513:, and the German navy
460:
31:Paris Peace Conference
5832:Reparation Commission
5388:. Osprey Publishing.
5365:Shamir, Haim (1989).
5064:McNeese, Tim (2010).
4953:Kramer, Alan (2008).
4807:Henig, Ruth (1995) .
4608:Feinstein, Charles H.
4494:Cord, Robert (2013).
3270:, p. 11, 106-19.
3179:"Lausanne Conference"
1934:, pp. 41–43, 58.
1721:Holocaust reparations
1454:
1407:
1398:Further information:
1235:or 200 in annuities (
1113:" had been accepted.
992:
934:
909:
868:
700:Reparation Commission
693:
668:Further information:
630:
455:
6044:Treaty of Versailles
5981:List of participants
5814:Treaty of Versailles
5601:Weinberg, Gerhard L.
5265:Peukert, Detlev J.K.
4918:Keynes, John Maynard
4827:Immerman, Richard H.
4682:Wasserstein, Bernard
3776:Albrecht-Carrié 1940
2998:Albrecht-Carrié 1960
2490:"Londoner Ultimatum"
2194:Albrecht-Carrié 1940
1644:'the heavenly twins'
670:Treaty of Versailles
607:Treaty of Versailles
599:punitive settlements
595:Treaty of Versailles
574:unexploded ordinance
423:called the treaty a
410:suspended for a year
364:Treaty of Versailles
96:Treaty of Versailles
5928:San Remo conference
5883:Subsequent treaties
5852:Lausanne Conference
5719:Lloyd George, David
5329:Schmitt, Bernadotte
5271:The Weimar Republic
5037:MacMillan, Margaret
2928:, pp. 279–281.
2779:, pp. 82, 114.
2133:, pp. 399–400.
1652:Franco-Prussian War
1526:What Germany Forgot
1461:John Maynard Keynes
1099:Paul von Hindenburg
993:The opening of the
953:In April 1924, the
902:The French Premier
841:Lausanne Conference
421:John Maynard Keynes
414:Lausanne Conference
234:San Remo conference
128:Lausanne Conference
5945:Treaty of Lausanne
5822:"War guilt" clause
5711:(Springer, 2010).
4792:. Bloomsbury 3PL.
4630:Feldman, Gerald D.
4345:Binkley, Robert C.
4069:, pp. 632–59.
3829:, pp. 162–63.
3766:, pp. 161–62.
3452:, pp. 420–21.
3321:, p. 254-255.
3089:– via JSTOR.
3036:, pp. 137–38.
2952:, pp. 171–72.
2892:, pp. 251–52.
2865:, pp. 250–51.
2811:, pp. 249–50.
2719:Schwarzschild 1942
2622:, pp. 239–40.
2610:, pp. 235–36.
2562:, pp. 234–35.
2463:, pp. 223–34.
2169:, pp. 537–38.
2121:, pp. 135–36.
2109:, pp. 133–35.
2097:, pp. 231–32.
1849:, pp. 182–95.
1707:Reparation (legal)
1562:John Foster Dulles
1480:Carthaginian peace
1457:
1410:
1233:50 (capital value)
999:
937:
875:
849:Treaty of Lausanne
696:
639:In February 1919,
637:
553:David Lloyd George
545:Georges Clemenceau
534:French countryside
461:
425:Carthaginian peace
251:Treaty of Lausanne
103:"War Guilt" clause
6021:
6020:
5900:Treaty of Trianon
5792:Minority Treaties
5769:League of Nations
5692:978-0-595-40706-4
5669:978-0-19-922673-3
5638:978-1-893-12243-7
5616:978-0-521-44317-3
5555:978-1-85109-420-2
5525:. Penguin Books.
5510:978-0-195-30755-9
5488:978-0-140-13672-2
5481:. Penguin Books.
5464:978-0-435-30831-5
5441:978-1-60413-277-9
5418:978-1-84176-738-3
5409:Osprey Publishing
5395:978-1-84176-348-4
5376:978-9-004-08958-7
5320:978-0-807-81253-2
5301:978-0-881-65233-8
5282:978-0-809-01556-6
5275:. Hill and Wang.
5256:978-0-415-20440-8
5237:978-0-807-84721-3
5215:978-1-4443-3840-9
5192:978-0-415-16325-5
5056:978-0-719-56237-2
5028:978-3-8329-5609-7
5009:978-0-691-02986-3
4970:978-1-846-14013-6
4945:978-0-520-05592-6
4909:978-0-582-89414-3
4863:978-8-185-84270-7
4844:978-0-8420-2601-7
4818:978-0-415-12710-3
4799:978-0-826-41761-9
4780:978-0-80785-733-5
4757:978-0-230-28468-5
4699:978-0-415-14125-3
4669:978-0-713-99246-5
4643:978-0-195-10114-0
4621:978-0-198-28803-9
4552:978-0-521-25340-6
4531:978-0-199-66318-7
4505:978-0-203-07752-8
4436:978-1-4042-0442-3
4415:978-0-547-22278-3
4389:978-0-521-62132-8
4336:978-0-521-47886-1
4309:978-0-582-30470-3
4284:978-1-461-40078-3
4261:978-2-600-04276-5
3742:, pp. 94–95.
3682:, pp. 86–87.
3532:, pp. 38–39.
3505:, pp. 86–87.
3359:, pp. 46–48.
3218:Kindleberger 1986
2976:, pp. 56–58.
2767:, pp. 37–38.
2685:, pp. 24–25.
1627:Charles Feinstein
1530:Don't Do it Again
1522:James T. Shotwell
1341:
1340:
1308:Young Plan, 1929
1111:Hoover Moratorium
1025:US$ 26.35 billion
1010:plan was issued.
1007:Gustav Stresemann
682:Treaty of Trianon
601:usually known as
519:German Revolution
502:League of Nations
464:Course of the war
389:occupied the Ruhr
317:
316:
199:Treaty of Trianon
193:Treaty of Trianon
71:Minority Treaties
49:League of Nations
16:(Redirected from
6051:
5910:Treaty of Sèvres
5754:
5747:
5740:
5731:
5730:
5726:
5707:Gomes, Leonard.
5696:
5673:
5654:
5642:
5620:
5596:
5590:
5585:
5583:
5575:
5559:
5536:
5514:
5492:
5468:
5445:
5422:
5399:
5380:
5361:
5349:
5324:
5305:
5286:
5274:
5260:
5241:
5219:
5196:
5184:
5173:
5136:
5099:
5097:
5088:Mantoux, Étienne
5083:
5079:978-160413-358-5
5060:
5032:
5013:
4994:
4992:
4991:
4986:. pp. 20–27
4974:
4949:
4925:
4913:
4887:
4885:
4883:
4867:
4848:
4822:
4803:
4784:
4761:
4739:
4713:
4703:
4678:Grenville, J.A.S
4673:
4647:
4625:
4603:
4601:
4599:
4580:
4576:978-033035-212-3
4556:
4535:
4514:Crafts, Nicholas
4509:
4490:
4473:
4467:
4459:
4440:
4419:
4406:Cengage Learning
4393:
4374:
4340:
4324:
4313:
4298:(2nd ed.).
4288:
4265:
4246:
4205:
4199:
4193:
4187:
4181:
4175:
4169:
4163:
4157:
4151:
4145:
4139:
4133:
4127:
4121:
4115:
4109:
4103:
4094:
4088:
4082:
4076:
4070:
4064:
4058:
4052:
4046:
4040:
4034:
4028:
4022:
4016:
4010:
4009:, p. 445-6.
4004:
3998:
3992:
3986:
3980:
3974:
3968:
3962:
3956:
3950:
3944:
3938:
3932:
3926:
3920:
3914:
3908:
3902:
3896:
3890:
3884:
3878:
3872:
3866:
3860:
3854:
3848:
3842:
3836:
3830:
3824:
3818:
3812:
3803:
3797:
3791:
3785:
3779:
3773:
3767:
3761:
3755:
3749:
3743:
3737:
3731:
3725:
3719:
3713:
3707:
3701:
3695:
3689:
3683:
3677:
3671:
3665:
3659:
3653:
3644:
3638:
3632:
3626:
3620:
3614:
3608:
3602:
3596:
3590:
3584:
3578:
3572:
3566:
3560:
3554:
3548:
3542:
3533:
3527:
3521:
3515:
3506:
3500:
3494:
3488:
3482:
3476:
3465:
3459:
3453:
3447:
3438:
3432:
3423:
3417:
3411:
3405:
3399:
3393:
3384:
3378:
3372:
3366:
3360:
3354:
3348:
3347:
3345:
3343:
3328:
3322:
3316:
3310:
3304:
3298:
3292:
3283:
3277:
3271:
3265:
3259:
3253:
3238:
3232:
3221:
3215:
3209:
3203:
3194:
3193:
3191:
3189:
3175:
3169:
3168:
3143:(276): 655–669.
3128:
3122:
3121:
3097:
3091:
3090:
3067:
3061:
3055:
3049:
3043:
3037:
3031:
3025:
3019:
3013:
3007:
3001:
2995:
2989:
2983:
2977:
2971:
2965:
2959:
2953:
2947:
2941:
2935:
2929:
2923:
2917:
2911:
2905:
2899:
2893:
2887:
2881:
2875:
2866:
2860:
2854:
2848:
2839:
2833:
2824:
2818:
2812:
2806:
2795:
2789:
2780:
2774:
2768:
2762:
2753:
2747:
2741:
2735:
2722:
2716:
2710:
2704:
2698:
2692:
2686:
2680:
2674:
2668:
2662:
2656:
2650:
2644:
2638:
2632:
2623:
2617:
2611:
2605:
2599:
2593:
2587:
2581:
2575:
2569:
2563:
2557:
2544:
2538:
2532:
2531:
2529:
2527:
2520:Das Bundesarchiv
2512:
2506:
2505:
2503:
2501:
2485:
2476:
2470:
2464:
2458:
2452:
2446:
2440:
2434:
2428:
2427:
2425:
2423:
2418:. LSE. p. 5
2417:
2406:
2400:
2394:
2385:
2379:
2360:
2354:
2348:
2342:
2336:
2330:
2324:
2319:
2313:
2308:
2302:
2297:
2291:
2286:
2280:
2275:
2269:
2264:
2258:
2253:
2247:
2242:
2236:
2231:
2225:
2220:
2214:
2208:
2197:
2191:
2182:
2176:
2170:
2164:
2158:
2152:
2146:
2140:
2134:
2128:
2122:
2116:
2110:
2104:
2098:
2092:
2083:
2077:
2071:
2070:
2052:
2046:
2040:
2034:
2028:
2022:
2016:
2010:
2004:
1998:
1992:
1986:
1980:
1974:
1968:
1959:
1953:
1947:
1941:
1935:
1929:
1923:
1922:
1897:
1886:
1880:
1874:
1868:
1862:
1856:
1850:
1844:
1838:
1833:
1827:
1821:
1815:
1809:
1803:
1797:
1781:
1777:
1766:
1762:
1756:
1752:
1686:
1681:
1680:
1582:Richard J. Evans
1501:
1493:
1489:
1485:
1465:British Treasury
1419:
1202:
1201:
1193:
1192:
1165:Gerhard Weinberg
1161:
1153:
1149:
1122:Great Depression
1118:Darmstädter Bank
1076:Heinrich BrĂĽning
1045:Alfred Hugenberg
1038:
1037:
1028:
1026:
1003:Locarno Treaties
973:
969:
965:
961:
948:Charles G. Dawes
904:Raymond Poincaré
809:
808:
803:
802:
785:
784:
778:
763:
720:in reparations.
714:
712:
706:
686:Treaty of Sèvres
641:Foreign Minister
434:Second World War
406:Great Depression
403:
402:US$ 26.3 billion
383:
382:US$ 12.5 billion
375:
374:
309:
302:
295:
217:Treaty of Sèvres
204:Millerand letter
135:Locarno Treaties
41:
27:
26:
21:
6059:
6058:
6054:
6053:
6052:
6050:
6049:
6048:
6024:
6023:
6022:
6017:
5985:
5949:
5904:
5878:
5808:
5763:
5758:
5704:
5702:Further reading
5699:
5693:
5670:
5639:
5617:
5588:
5586:
5577:
5576:
5556:
5533:
5532:978-014100348-1
5511:
5489:
5465:
5442:
5419:
5396:
5377:
5321:
5302:
5283:
5257:
5238:
5216:
5206:Wiley-Blackwell
5193:
5080:
5066:Jensen, Richard
5057:
5029:
5010:
4989:
4987:
4971:
4946:
4910:
4900:Pearson Longman
4892:Kitchen, Martin
4881:
4879:
4864:
4845:
4819:
4800:
4781:
4758:
4744:Harcourt, G. C.
4711:
4700:
4670:
4652:Ferguson, Niall
4644:
4622:
4597:
4595:
4593:Gresham College
4577:
4553:
4532:
4506:
4481:(23): 160–165.
4461:
4460:
4456:
4437:
4416:
4390:
4350:Current History
4337:
4310:
4285:
4262:
4235:10.2307/2143772
4216:
4208:
4200:
4196:
4188:
4184:
4176:
4172:
4164:
4160:
4152:
4148:
4140:
4136:
4128:
4124:
4116:
4112:
4104:
4097:
4089:
4085:
4077:
4073:
4065:
4061:
4053:
4049:
4041:
4037:
4029:
4025:
4017:
4013:
4005:
4001:
3993:
3989:
3981:
3977:
3969:
3965:
3957:
3953:
3945:
3941:
3933:
3929:
3921:
3917:
3909:
3905:
3897:
3893:
3885:
3881:
3873:
3869:
3861:
3857:
3849:
3845:
3837:
3833:
3825:
3821:
3813:
3806:
3798:
3794:
3786:
3782:
3774:
3770:
3762:
3758:
3750:
3746:
3738:
3734:
3726:
3722:
3714:
3710:
3702:
3698:
3690:
3686:
3678:
3674:
3666:
3662:
3654:
3647:
3639:
3635:
3627:
3623:
3615:
3611:
3603:
3599:
3591:
3587:
3579:
3575:
3567:
3563:
3555:
3551:
3543:
3536:
3528:
3524:
3516:
3509:
3501:
3497:
3489:
3485:
3477:
3468:
3460:
3456:
3448:
3441:
3433:
3426:
3418:
3414:
3406:
3402:
3394:
3387:
3379:
3375:
3367:
3363:
3355:
3351:
3341:
3339:
3329:
3325:
3317:
3313:
3305:
3301:
3293:
3286:
3278:
3274:
3266:
3262:
3254:
3241:
3233:
3224:
3216:
3212:
3204:
3197:
3187:
3185:
3183:U-S-History.com
3177:
3176:
3172:
3129:
3125:
3118:
3098:
3094:
3069:
3068:
3064:
3056:
3052:
3044:
3040:
3032:
3028:
3020:
3016:
3008:
3004:
2996:
2992:
2984:
2980:
2972:
2968:
2960:
2956:
2948:
2944:
2936:
2932:
2924:
2920:
2912:
2908:
2900:
2896:
2888:
2884:
2876:
2869:
2861:
2857:
2849:
2842:
2834:
2827:
2819:
2815:
2807:
2798:
2790:
2783:
2775:
2771:
2763:
2756:
2748:
2744:
2736:
2725:
2717:
2713:
2705:
2701:
2693:
2689:
2681:
2677:
2669:
2665:
2657:
2653:
2645:
2641:
2633:
2626:
2618:
2614:
2606:
2602:
2594:
2590:
2582:
2578:
2570:
2566:
2558:
2547:
2539:
2535:
2525:
2523:
2514:
2513:
2509:
2499:
2497:
2486:
2479:
2471:
2467:
2459:
2455:
2447:
2443:
2435:
2431:
2421:
2419:
2415:
2407:
2403:
2395:
2388:
2380:
2363:
2355:
2351:
2343:
2339:
2331:
2327:
2320:
2316:
2309:
2305:
2298:
2294:
2287:
2283:
2276:
2272:
2265:
2261:
2254:
2250:
2243:
2239:
2232:
2228:
2221:
2217:
2209:
2200:
2192:
2185:
2177:
2173:
2165:
2161:
2153:
2149:
2141:
2137:
2129:
2125:
2117:
2113:
2105:
2101:
2093:
2086:
2078:
2074:
2067:
2053:
2049:
2041:
2037:
2029:
2025:
2017:
2013:
2005:
2001:
1993:
1989:
1981:
1977:
1969:
1962:
1954:
1950:
1942:
1938:
1930:
1926:
1919:
1901:Gilbert, Martin
1898:
1889:
1881:
1877:
1869:
1865:
1857:
1853:
1845:
1841:
1834:
1830:
1822:
1818:
1810:
1806:
1798:
1794:
1790:
1785:
1784:
1778:
1769:
1763:
1759:
1753:
1749:
1744:
1739:
1726:War reparations
1684:Politics portal
1682:
1675:
1672:
1570:
1548:Étienne Mantoux
1536:Albrecht-Carrié
1499:
1491:
1487:
1483:
1449:
1447:Contemporaneous
1444:
1417:
1402:
1396:
1356:
1351:
1346:
1234:
1221:
1216:
1211:
1209:
1200:
1190:
1189:
1173:
1159:
1151:
1147:
1139:
1084:William Tyrrell
1072:
1066:
1036:US$ 300 million
1035:
1034:
1024:
1022:
987:
981:
971:
967:
963:
959:
929:
923:
863:
857:
855:German defaults
836:
807:US$ 500 million
806:
805:
801:US$ 250 million
800:
799:
782:
780:
776:
761:
758:
710:
708:
704:
688:
666:
664:Initial demands
661:
625:
619:
617:German reaction
586:
530:
498:Fourteen Points
474:First World War
466:
450:
401:
381:
372:
370:
329:war reparations
313:
284:
283:
264:
256:
255:
219:
209:
208:
194:
186:
185:
176:
168:
167:
158:
150:
149:
98:
88:
87:
51:
23:
22:
18:WWI reparations
15:
12:
11:
5:
6057:
6047:
6046:
6041:
6036:
6019:
6018:
6016:
6015:
6008:
6001:
5993:
5991:
5987:
5986:
5984:
5983:
5978:
5973:
5968:
5963:
5957:
5955:
5951:
5950:
5948:
5947:
5942:
5937:
5932:
5931:
5930:
5925:
5914:
5912:
5906:
5905:
5903:
5902:
5897:
5892:
5886:
5884:
5880:
5879:
5877:
5876:
5871:
5866:
5861:
5856:
5855:
5854:
5849:
5844:
5839:
5829:
5824:
5818:
5816:
5810:
5809:
5807:
5806:
5801:
5800:
5799:
5789:
5784:
5779:
5773:
5771:
5765:
5764:
5757:
5756:
5749:
5742:
5734:
5728:
5727:
5715:
5703:
5700:
5698:
5697:
5691:
5674:
5668:
5655:
5643:
5637:
5621:
5615:
5597:
5589:|journal=
5560:
5554:
5537:
5531:
5515:
5509:
5493:
5487:
5473:Taylor, A.J.P.
5469:
5463:
5446:
5440:
5423:
5417:
5400:
5394:
5381:
5375:
5362:
5350:
5340:(1): 101–110.
5325:
5319:
5306:
5300:
5287:
5281:
5261:
5255:
5242:
5236:
5220:
5214:
5197:
5191:
5174:
5162:10.1086/670825
5154:10.1086/670825
5148:(3): 632–659.
5137:
5111:(3): 231–255.
5100:
5084:
5078:
5061:
5055:
5033:
5027:
5014:
5008:
4995:
4975:
4969:
4950:
4944:
4926:
4914:
4908:
4888:
4868:
4862:
4849:
4843:
4823:
4817:
4804:
4798:
4785:
4779:
4762:
4756:
4740:
4722:(4): 849–864.
4704:
4698:
4674:
4668:
4648:
4642:
4626:
4620:
4604:
4585:Evans, Richard
4581:
4575:
4561:Davies, Norman
4557:
4551:
4536:
4530:
4510:
4504:
4491:
4474:
4454:
4441:
4435:
4420:
4414:
4398:Boyer, Paul S.
4394:
4388:
4375:
4357:(3): 398–400.
4341:
4335:
4314:
4308:
4289:
4283:
4266:
4260:
4247:
4217:
4215:
4212:
4207:
4206:
4194:
4192:, p. 357.
4182:
4180:, p. 524.
4170:
4158:
4146:
4134:
4132:, p. 107.
4122:
4120:, p. 254.
4110:
4108:, p. 232.
4095:
4093:, p. 238.
4083:
4081:, p. 255.
4071:
4059:
4055:Feinstein 1995
4047:
4045:, p. 502.
4035:
4033:, p. 183.
4023:
4021:, p. 197.
4011:
3999:
3997:, p. 430.
3987:
3985:, p. 339.
3975:
3973:, p. 426.
3963:
3961:, p. 425.
3951:
3939:
3937:, p. 133.
3927:
3925:, p. 401.
3915:
3903:
3891:
3879:
3867:
3855:
3843:
3831:
3819:
3804:
3802:, p. 163.
3792:
3790:, p. 162.
3780:
3768:
3756:
3754:, p. 160.
3744:
3732:
3730:, p. 226.
3720:
3718:, p. 265.
3708:
3696:
3694:, p. 200.
3684:
3672:
3670:, p. 146.
3660:
3645:
3643:, p. 161.
3633:
3621:
3619:, p. 239.
3609:
3597:
3585:
3583:, p. 861.
3573:
3571:, p. 860.
3561:
3559:, p. 851.
3549:
3547:, p. 849.
3534:
3522:
3507:
3495:
3483:
3466:
3464:, p. 413.
3454:
3439:
3424:
3412:
3410:, p. 155.
3400:
3385:
3383:, p. 417.
3373:
3361:
3349:
3323:
3311:
3309:, p. 177.
3299:
3284:
3272:
3260:
3258:, p. 424.
3239:
3237:, p. 233.
3222:
3210:
3208:, p. 140.
3195:
3170:
3123:
3117:978-3110465266
3116:
3092:
3062:
3050:
3048:, p. 454.
3038:
3026:
3024:, p. 137.
3014:
3012:, p. 160.
3002:
3000:, p. 200.
2990:
2988:, p. 155.
2978:
2966:
2964:, p. 174.
2954:
2942:
2940:, p. 770.
2930:
2918:
2916:, p. 251.
2906:
2894:
2882:
2880:, p. 171.
2867:
2855:
2840:
2825:
2823:, p. 249.
2813:
2796:
2781:
2769:
2754:
2752:, p. 246.
2742:
2740:, p. 245.
2723:
2721:, p. 140.
2711:
2699:
2697:, p. 244.
2687:
2675:
2673:, p. 243.
2663:
2651:
2649:, p. 241.
2639:
2637:, p. 240.
2624:
2612:
2600:
2588:
2576:
2564:
2545:
2533:
2507:
2477:
2465:
2453:
2451:, p. 414.
2441:
2439:, p. 113.
2429:
2401:
2399:, p. 236.
2386:
2384:, p. 237.
2361:
2349:
2337:
2335:, p. 410.
2325:
2314:
2303:
2292:
2281:
2270:
2259:
2248:
2237:
2226:
2215:
2213:, p. 156.
2198:
2183:
2171:
2159:
2157:, p. 400.
2147:
2145:, p. 290.
2135:
2123:
2111:
2099:
2084:
2082:, p. 231.
2072:
2065:
2047:
2035:
2023:
2021:, p. 272.
2011:
2009:, p. 127.
1999:
1987:
1975:
1960:
1948:
1946:, p. 202.
1944:MacMillan 2003
1936:
1924:
1917:
1887:
1885:, p. 101.
1875:
1873:, p. 638.
1863:
1851:
1839:
1828:
1826:, p. 429.
1816:
1804:
1791:
1789:
1786:
1783:
1782:
1767:
1757:
1746:
1745:
1743:
1740:
1738:
1735:
1734:
1733:
1728:
1723:
1714:
1709:
1704:
1699:
1694:
1688:
1687:
1671:
1668:
1656:Martin Kitchen
1614:Damocles Sword
1609:Gerald Feldman
1573:Geoff Harcourt
1569:
1566:
1512:Bernard Baruch
1505:German-Austria
1500:US$ 10 billion
1492:US$ 10 billion
1488:US$ 50 billion
1484:US$ 25 billion
1448:
1445:
1443:
1440:
1422:Robert Schmidt
1395:
1394:Hyperinflation
1392:
1361:Detlev Peukert
1355:
1352:
1350:
1347:
1345:
1342:
1339:
1338:
1335:
1332:
1329:
1326:
1322:
1321:
1318:
1315:
1312:
1309:
1305:
1304:
1301:
1298:
1295:
1292:
1288:
1287:
1284:
1281:
1278:
1275:
1271:
1270:
1267:
1264:
1261:
1258:
1250:
1249:
1246:
1243:
1240:
1231:
1227:
1226:
1223:
1218:
1213:
1206:
1199:
1196:
1191:US$ 94 million
1172:
1169:
1156:Niall Ferguson
1148:20.598 billion
1138:
1135:
1103:Herbert Hoover
1068:Main article:
1065:
1062:
983:Main article:
980:
977:
941:hyperinflation
925:Main article:
922:
919:
879:Spa Conference
859:Main article:
856:
853:
835:
832:
757:
754:
665:
662:
660:
657:
621:Main article:
618:
615:
585:
582:
564:mineshafts in
558:British Empire
550:Prime Minister
529:
528:Allied damages
526:
506:Central Powers
494:Woodrow Wilson
465:
462:
449:
446:
373:US$ 33 billion
327:agreed to pay
325:Central Powers
315:
314:
312:
311:
304:
297:
289:
286:
285:
282:
281:
276:
271:
265:
262:
261:
258:
257:
254:
253:
248:
243:
238:
237:
236:
231:
220:
215:
214:
211:
210:
207:
206:
201:
195:
192:
191:
188:
187:
184:
183:
177:
174:
173:
170:
169:
166:
165:
159:
156:
155:
152:
151:
148:
147:
142:
137:
132:
131:
130:
125:
120:
115:
105:
99:
94:
93:
90:
89:
86:
85:
80:
79:
78:
68:
63:
58:
52:
47:
46:
43:
42:
34:
33:
9:
6:
4:
3:
2:
6056:
6045:
6042:
6040:
6037:
6035:
6032:
6031:
6029:
6014:
6013:
6009:
6007:
6006:
6002:
6000:
5999:
5995:
5994:
5992:
5988:
5982:
5979:
5977:
5974:
5972:
5969:
5967:
5964:
5962:
5959:
5958:
5956:
5952:
5946:
5943:
5941:
5938:
5936:
5933:
5929:
5926:
5924:
5921:
5920:
5919:
5916:
5915:
5913:
5911:
5907:
5901:
5898:
5896:
5893:
5891:
5888:
5887:
5885:
5881:
5875:
5872:
5870:
5867:
5865:
5862:
5860:
5857:
5853:
5850:
5848:
5845:
5843:
5840:
5838:
5835:
5834:
5833:
5830:
5828:
5825:
5823:
5820:
5819:
5817:
5815:
5811:
5805:
5802:
5798:
5795:
5794:
5793:
5790:
5788:
5785:
5783:
5780:
5778:
5775:
5774:
5772:
5770:
5766:
5762:
5755:
5750:
5748:
5743:
5741:
5736:
5735:
5732:
5724:
5720:
5716:
5714:
5710:
5706:
5705:
5694:
5688:
5684:
5680:
5675:
5671:
5665:
5661:
5656:
5652:
5648:
5644:
5640:
5634:
5630:
5626:
5622:
5618:
5612:
5608:
5607:
5602:
5598:
5594:
5581:
5573:
5569:
5565:
5561:
5557:
5551:
5547:
5543:
5538:
5534:
5528:
5524:
5520:
5516:
5512:
5506:
5502:
5498:
5494:
5490:
5484:
5480:
5479:
5474:
5470:
5466:
5460:
5456:
5452:
5447:
5443:
5437:
5433:
5429:
5424:
5420:
5414:
5410:
5406:
5401:
5397:
5391:
5387:
5382:
5378:
5372:
5368:
5363:
5359:
5355:
5351:
5347:
5343:
5339:
5336:
5335:
5330:
5326:
5322:
5316:
5312:
5307:
5303:
5297:
5293:
5288:
5284:
5278:
5273:
5272:
5266:
5262:
5258:
5252:
5249:. Routledge.
5248:
5243:
5239:
5233:
5229:
5225:
5224:Mommsen, Hans
5221:
5217:
5211:
5208:; 1 edition.
5207:
5203:
5198:
5194:
5188:
5185:. Routledge.
5183:
5182:
5175:
5171:
5167:
5163:
5159:
5155:
5151:
5147:
5143:
5138:
5134:
5130:
5126:
5122:
5118:
5114:
5110:
5106:
5101:
5096:
5095:
5089:
5085:
5081:
5075:
5071:
5067:
5062:
5058:
5052:
5048:
5044:
5043:
5038:
5034:
5030:
5024:
5020:
5015:
5011:
5005:
5001:
4996:
4985:
4984:History Today
4981:
4976:
4972:
4966:
4962:
4958:
4957:
4951:
4947:
4941:
4937:
4936:
4931:
4927:
4923:
4919:
4915:
4911:
4905:
4901:
4897:
4893:
4889:
4878:
4874:
4869:
4865:
4859:
4855:
4850:
4846:
4840:
4836:
4832:
4828:
4824:
4820:
4814:
4811:. Routledge.
4810:
4805:
4801:
4795:
4791:
4786:
4782:
4776:
4772:
4768:
4763:
4759:
4753:
4749:
4745:
4741:
4737:
4733:
4729:
4725:
4721:
4717:
4710:
4705:
4701:
4695:
4691:
4687:
4683:
4679:
4675:
4671:
4665:
4661:
4657:
4653:
4649:
4645:
4639:
4635:
4631:
4627:
4623:
4617:
4613:
4609:
4605:
4594:
4590:
4586:
4582:
4578:
4572:
4569:. Pan Books.
4568:
4567:
4562:
4558:
4554:
4548:
4544:
4543:
4537:
4533:
4527:
4523:
4519:
4515:
4511:
4507:
4501:
4498:. Routledge.
4497:
4492:
4488:
4484:
4480:
4475:
4471:
4465:
4457:
4451:
4447:
4442:
4438:
4432:
4428:
4427:
4421:
4417:
4411:
4407:
4403:
4399:
4395:
4391:
4385:
4381:
4376:
4372:
4368:
4364:
4360:
4356:
4352:
4351:
4346:
4342:
4338:
4332:
4328:
4323:
4322:
4315:
4311:
4305:
4301:
4297:
4296:
4290:
4286:
4280:
4276:
4272:
4267:
4263:
4257:
4253:
4248:
4244:
4240:
4236:
4232:
4228:
4224:
4219:
4218:
4211:
4204:, p. 65.
4203:
4198:
4191:
4186:
4179:
4174:
4167:
4162:
4156:, p. 67.
4155:
4150:
4144:, p. 89.
4143:
4142:Liberman 1995
4138:
4131:
4126:
4119:
4114:
4107:
4102:
4100:
4092:
4087:
4080:
4075:
4068:
4063:
4057:, p. 32.
4056:
4051:
4044:
4039:
4032:
4027:
4020:
4015:
4008:
4003:
3996:
3991:
3984:
3979:
3972:
3967:
3960:
3955:
3949:, p. 19.
3948:
3943:
3936:
3931:
3924:
3919:
3913:, p. 95.
3912:
3911:Slavicek 2010
3907:
3900:
3895:
3888:
3883:
3877:, p. 42.
3876:
3871:
3865:, p. 21.
3864:
3863:Harcourt 2012
3859:
3853:, p. 10.
3852:
3851:Immerman 1998
3847:
3841:, p. 70.
3840:
3835:
3828:
3823:
3817:, p. 41.
3816:
3811:
3809:
3801:
3800:Campbell 1942
3796:
3789:
3788:Campbell 1942
3784:
3778:, p. 16.
3777:
3772:
3765:
3764:Campbell 1942
3760:
3753:
3752:Campbell 1942
3748:
3741:
3736:
3729:
3724:
3717:
3712:
3706:, p. 79.
3705:
3700:
3693:
3688:
3681:
3676:
3669:
3664:
3657:
3652:
3650:
3642:
3641:Campbell 1942
3637:
3631:, p. 25.
3630:
3625:
3618:
3613:
3607:, p. 26.
3606:
3601:
3594:
3589:
3582:
3577:
3570:
3565:
3558:
3553:
3546:
3541:
3539:
3531:
3526:
3520:, p. 24.
3519:
3514:
3512:
3504:
3499:
3493:, p. 37.
3492:
3487:
3481:, p. 44.
3480:
3475:
3473:
3471:
3463:
3458:
3451:
3446:
3444:
3437:, p. 62.
3436:
3431:
3429:
3421:
3416:
3409:
3404:
3398:, p. 62.
3397:
3392:
3390:
3382:
3377:
3371:, p. 35.
3370:
3365:
3358:
3353:
3338:
3334:
3327:
3320:
3315:
3308:
3303:
3297:, p. 16.
3296:
3295:Weinberg 1994
3291:
3289:
3282:, p. 43.
3281:
3276:
3269:
3264:
3257:
3252:
3250:
3248:
3246:
3244:
3236:
3231:
3229:
3227:
3220:, p. 19.
3219:
3214:
3207:
3202:
3200:
3184:
3180:
3174:
3166:
3162:
3158:
3154:
3150:
3146:
3142:
3138:
3134:
3127:
3119:
3113:
3109:
3105:
3104:
3096:
3088:
3084:
3080:
3076:
3075:World Affairs
3072:
3066:
3060:, p. 78.
3059:
3054:
3047:
3042:
3035:
3030:
3023:
3018:
3011:
3006:
2999:
2994:
2987:
2982:
2975:
2970:
2963:
2958:
2951:
2946:
2939:
2934:
2927:
2922:
2915:
2910:
2904:, p. 25.
2903:
2898:
2891:
2886:
2879:
2874:
2872:
2864:
2859:
2853:, p. 38.
2852:
2847:
2845:
2838:, p. 70.
2837:
2836:Backhaus 2012
2832:
2830:
2822:
2817:
2810:
2805:
2803:
2801:
2794:, p. 70.
2793:
2788:
2786:
2778:
2773:
2766:
2761:
2759:
2751:
2746:
2739:
2734:
2732:
2730:
2728:
2720:
2715:
2709:, p. 26.
2708:
2703:
2696:
2691:
2684:
2679:
2672:
2667:
2661:, p. 66.
2660:
2655:
2648:
2643:
2636:
2631:
2629:
2621:
2616:
2609:
2604:
2598:, p. 60.
2597:
2592:
2586:, p. 59.
2585:
2580:
2574:, p. 84.
2573:
2572:Crampton 1987
2568:
2561:
2556:
2554:
2552:
2550:
2543:, p. 18.
2542:
2537:
2521:
2517:
2511:
2495:
2491:
2484:
2482:
2475:, p. 10.
2474:
2469:
2462:
2457:
2450:
2449:Ferguson 1998
2445:
2438:
2433:
2414:
2413:
2405:
2398:
2393:
2391:
2383:
2378:
2376:
2374:
2372:
2370:
2368:
2366:
2359:, p. 47.
2358:
2353:
2347:, p. 46.
2346:
2341:
2334:
2329:
2323:
2318:
2312:
2307:
2301:
2296:
2290:
2285:
2279:
2274:
2268:
2263:
2257:
2252:
2246:
2241:
2235:
2230:
2224:
2219:
2212:
2207:
2205:
2203:
2196:, p. 15.
2195:
2190:
2188:
2181:, p. 21.
2180:
2175:
2168:
2163:
2156:
2151:
2144:
2139:
2132:
2127:
2120:
2115:
2108:
2103:
2096:
2091:
2089:
2081:
2076:
2068:
2066:0-241-11565-5
2062:
2058:
2051:
2045:, p. 22.
2044:
2039:
2033:, p. 37.
2032:
2031:Slavicek 2010
2027:
2020:
2015:
2008:
2007:Yearwood 2009
2003:
1997:, p. 21.
1996:
1991:
1985:, p. 44.
1984:
1983:Slavicek 2010
1979:
1973:, p. 14.
1972:
1971:Weinberg 1994
1967:
1965:
1958:, p. 20.
1957:
1952:
1945:
1940:
1933:
1932:Slavicek 2010
1928:
1920:
1914:
1910:
1906:
1902:
1896:
1894:
1892:
1884:
1879:
1872:
1867:
1861:, p. 71.
1860:
1855:
1848:
1843:
1837:
1832:
1825:
1820:
1813:
1808:
1802:, p. 63.
1801:
1796:
1792:
1776:
1774:
1772:
1761:
1751:
1747:
1732:
1729:
1727:
1724:
1722:
1718:
1715:
1713:
1710:
1708:
1705:
1703:
1700:
1698:
1695:
1693:
1690:
1689:
1685:
1679:
1674:
1667:
1665:
1659:
1657:
1653:
1647:
1645:
1641:
1637:
1631:
1628:
1623:
1617:
1615:
1610:
1604:
1602:
1597:
1596:Norman Davies
1592:
1586:
1585:reparations.
1583:
1577:
1574:
1565:
1563:
1560:
1555:
1553:
1549:
1545:
1542:
1537:
1533:
1531:
1527:
1524:, writing in
1523:
1519:
1518:
1513:
1508:
1506:
1496:
1481:
1476:
1475:
1469:
1466:
1462:
1453:
1439:
1436:
1430:
1426:
1423:
1413:
1406:
1401:
1391:
1387:
1383:
1381:
1376:
1371:
1370:A.J.P. Taylor
1365:
1362:
1324:
1323:
1307:
1306:
1290:
1289:
1273:
1272:
1256:
1252:
1251:
1238:
1237:nominal value
1229:
1228:
1224:
1219:
1214:
1207:
1204:
1203:
1195:
1187:
1183:
1179:
1171:Loan payments
1168:
1166:
1157:
1152:7.595 billion
1145:
1134:
1132:
1126:
1123:
1119:
1114:
1112:
1108:
1104:
1100:
1097:
1093:
1092:the far-right
1089:
1088:Creditanstalt
1085:
1081:
1077:
1071:
1061:
1059:
1054:
1050:
1046:
1040:
1032:
1020:
1016:
1015:Owen D. Young
1011:
1008:
1004:
996:
991:
986:
976:
956:
951:
949:
946:
942:
933:
928:
918:
913:
908:
905:
900:
898:
892:
888:
885:
880:
872:
867:
862:
852:
850:
844:
842:
831:
829:
825:
821:
815:
813:
797:
791:
789:
774:
769:
767:
753:
749:
747:
743:
739:
734:
730:
726:
721:
719:
711:US$ 5 billion
701:
692:
687:
683:
679:
675:
671:
656:
652:
649:
646:informed the
645:
642:
634:
629:
624:
614:
612:
608:
604:
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561:
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546:
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525:
522:
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516:
512:
511:Western Front
507:
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491:
487:
483:
479:
475:
471:
458:
454:
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379:
369:
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360:
358:
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350:
346:
342:
338:
334:
333:Allied Powers
330:
326:
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310:
305:
303:
298:
296:
291:
290:
288:
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280:
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50:
45:
44:
40:
36:
35:
32:
29:
28:
19:
6010:
6003:
5996:
5864:Stresa Front
5826:
5787:Organisation
5722:
5708:
5678:
5659:
5650:
5628:
5625:Winkler, Max
5605:
5580:cite journal
5541:
5522:
5500:
5497:Temin, Peter
5477:
5450:
5427:
5404:
5385:
5366:
5357:
5337:
5332:
5310:
5291:
5270:
5246:
5227:
5201:
5180:
5145:
5141:
5108:
5104:
5093:
5069:
5041:
5018:
4999:
4988:. Retrieved
4983:
4954:
4934:
4921:
4895:
4880:. Retrieved
4876:
4853:
4837:Publishers.
4830:
4808:
4789:
4766:
4747:
4719:
4715:
4685:
4655:
4633:
4611:
4596:. Retrieved
4565:
4541:
4517:
4495:
4478:
4445:
4425:
4401:
4379:
4354:
4348:
4320:
4294:
4270:
4251:
4226:
4222:
4209:
4197:
4185:
4173:
4161:
4154:Kitchen 2006
4149:
4137:
4130:Schmitt 1960
4125:
4113:
4086:
4074:
4062:
4050:
4038:
4026:
4019:Peukert 1993
4014:
4002:
3995:Feldman 1997
3990:
3983:Feldman 1997
3978:
3966:
3954:
3947:McNeese 2010
3942:
3930:
3918:
3906:
3894:
3889:, p. 7.
3887:Schuker 1988
3882:
3870:
3858:
3846:
3834:
3827:Mantoux 1952
3822:
3795:
3783:
3771:
3759:
3747:
3735:
3723:
3711:
3699:
3687:
3675:
3663:
3636:
3624:
3612:
3600:
3588:
3576:
3564:
3552:
3525:
3503:Winkler 1933
3498:
3486:
3457:
3435:Peukert 1993
3422:, p. 7.
3415:
3408:Mantoux 1952
3403:
3376:
3364:
3352:
3340:. Retrieved
3336:
3326:
3314:
3302:
3275:
3268:Schuker 1988
3263:
3213:
3186:. Retrieved
3182:
3173:
3140:
3136:
3126:
3107:
3102:
3095:
3078:
3074:
3065:
3053:
3041:
3029:
3017:
3005:
2993:
2981:
2969:
2957:
2945:
2933:
2921:
2909:
2897:
2885:
2858:
2816:
2772:
2745:
2714:
2702:
2690:
2678:
2666:
2654:
2642:
2615:
2603:
2591:
2579:
2567:
2536:
2524:. Retrieved
2519:
2510:
2498:. Retrieved
2493:
2468:
2456:
2444:
2432:
2420:. Retrieved
2411:
2404:
2352:
2340:
2328:
2317:
2306:
2295:
2284:
2273:
2262:
2251:
2240:
2229:
2218:
2174:
2162:
2150:
2138:
2126:
2114:
2102:
2075:
2056:
2050:
2038:
2026:
2014:
2002:
1995:Brezina 2006
1990:
1978:
1956:Brezina 2006
1951:
1939:
1927:
1908:
1883:Schmitt 1960
1878:
1866:
1859:Simkins 2002
1854:
1842:
1831:
1819:
1814:, p. 9.
1807:
1795:
1760:
1750:
1697:Legal remedy
1660:
1648:
1632:
1622:Robert Boyce
1618:
1605:
1600:
1587:
1578:
1571:
1556:
1551:
1546:
1534:
1529:
1525:
1515:
1509:
1497:
1472:
1470:
1458:
1431:
1427:
1414:
1411:
1388:
1384:
1366:
1357:
1331:4.75 – 5.12
1254:
1215:U.S. dollars
1182:East Germany
1174:
1140:
1127:
1115:
1073:
1058:Adolf Hitler
1041:
1012:
1000:
952:
938:
915:
910:
901:
893:
889:
876:
845:
837:
828:Joseph Wirth
816:
812:sinking fund
792:
770:
759:
750:
722:
697:
653:
638:
587:
578:
562:
531:
523:
467:
438:West Germany
430:
418:
386:
361:
318:
107:
66:Organisation
6039:Reparations
5976:The Inquiry
5827:Reparations
5519:Tooze, Adam
5047:John Murray
4254:. E. Droz.
4229:(1): 1–24.
4166:Keylor 2013
4031:Martel 2010
3935:Davies 2007
3875:Martel 1999
3839:Taylor 1991
3740:Keynes 1920
3728:Keynes 1920
3716:Keynes 1920
3704:Keynes 1920
3692:Keynes 1920
3680:Keynes 1920
3668:Keynes 1920
3656:Keynes 1920
3605:Lentin 2012
3518:Martel 1999
3479:Taylor 1991
3369:Martel 1999
3280:Martel 1999
3010:Harsch 2009
2974:Shamir 1989
2902:Shamir 1989
2707:Martel 1999
2596:Taylor 2001
2584:Taylor 2001
2522:(in German)
2496:(in German)
2473:Kramer 2008
2211:Martel 2010
2143:Morrow 2005
2019:Martel 2010
1905:Taylor, AJP
1847:Beller 2007
1712:Reparations
1702:Restitution
1591:Max Warburg
1435:Sally Marks
1375:Max Winkler
1248:53% – 184%
1222:(billions)
1217:(billions)
1212:(billions)
1049:Article 231
972:800 million
968:2.5 billion
779:gold marks
762:132 billion
718:Gold francs
707:gold marks
611:Article 231
603:indemnities
482:Middle East
321:World War I
279:The Inquiry
108:Reparations
6028:Categories
5847:Young Plan
5837:Dawes Plan
4990:2013-05-28
4660:Allen Lane
4487:1291566833
4455:0842025545
4214:References
4202:Henig 1995
4118:Marks 1978
4106:Marks 1978
4091:Marks 1978
4079:Marks 1978
4067:Marks 2013
3899:Evans 2008
3658:, preface.
3617:Marks 1978
3420:Tooze 2007
3396:Henig 1995
3319:Marks 1978
3235:Marks 1978
3188:3 November
3058:Joshi 2005
2962:Young 2006
2950:Young 2006
2914:Marks 1978
2890:Marks 1978
2878:Young 2006
2863:Marks 1978
2821:Marks 1978
2809:Marks 1978
2750:Marks 1978
2738:Marks 1978
2695:Marks 1978
2671:Marks 1978
2647:Marks 1978
2635:Marks 1978
2620:Marks 1978
2608:Marks 1978
2560:Marks 1978
2461:Marks 1978
2397:Marks 1978
2382:Marks 1978
2119:Young 2006
2107:Young 2006
2095:Marks 1978
2080:Marks 1978
1918:0706403983
1800:Henig 1995
1664:Diane Kunz
1514:writes in
1245:179 – 717
1242:12.5 – 50
1210:gold marks
1160:19 billion
1107:moratorium
1053:plebiscite
1019:Young Plan
985:Young Plan
979:Young Plan
955:Dawes Plan
927:Dawes Plan
921:Dawes Plan
788:chimerical
777:50 billion
744:, and the
705:20 billion
584:Versailles
448:Background
398:Young Plan
393:Dawes Plan
368:gold marks
123:Young Plan
113:Dawes Plan
5990:Paintings
5683:iUniverse
5521:(2007) .
5475:(1991) .
5267:(1993) .
5170:154166326
5133:144072556
5021:. Nomos.
4690:Routledge
4684:(2000) .
4632:(1997) .
4464:cite book
4371:249693067
3815:Cord 2013
3629:Bell 1997
3530:Bell 1997
3491:Bell 1997
3157:0013-0427
3137:Economica
2851:Bell 1997
2765:Bell 1997
2683:Bell 1997
2659:Hehn 2005
2179:Bell 1997
2043:Bell 1997
1788:Citations
1742:Footnotes
1557:In 1954,
1220:2019 US$
1176:1953, an
1096:President
964:1 billion
633:Reichstag
570:Tourcoing
5961:Big Four
5804:Mandates
5721:(1932).
5649:(1922).
5627:(1933).
5603:(1994).
5566:(1921).
5546:ABC-CLIO
5356:(1942).
5090:(1952).
5039:(2003).
4932:(1986).
4920:(1920).
4894:(2006).
4882:27 April
4829:(1998).
4746:(2012).
4736:91180171
4654:(1998).
4610:(1995).
4598:27 April
4587:(2008).
4563:(2007).
4483:ProQuest
4275:Springer
4210:1234567
3087:20662122
1903:(1974).
1670:See also
1640:Cunliffe
1486:or even
1344:Analysis
1337:23%–25%
1334:89 – 96
1328:19–20.5
766:Italians
515:mutinied
457:Avocourt
349:Bulgaria
83:Mandates
5859:Locarno
5782:Members
5685:, Inc.
5125:4545835
5068:(ed.).
4961:Penguin
4877:H-Diplo
4524:, USA.
4300:Pearson
4243:2143772
3342:29 July
3165:3549020
2422:2 March
1907:(ed.).
1780:pound."
1354:Overall
1257:, 1919
1198:Summary
1186:unified
796:Louvain
742:Romania
729:Hungary
725:Austria
566:Roubaix
341:Hungary
337:Austria
331:to the
61:Members
5713:online
5689:
5666:
5635:
5613:
5552:
5529:
5507:
5485:
5461:
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5346:985606
5344:
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3085:
2063:
1915:
1636:Sumner
1568:Modern
1314:26.35
1208:German
1205:Event
871:Munich
738:Greece
733:Turkey
731:, and
684:, and
488:, and
486:Africa
480:, the
478:Europe
357:France
353:German
345:Turkey
343:, and
323:, the
263:Others
5954:Other
5342:JSTOR
5166:S2CID
5158:JSTOR
5129:S2CID
5121:JSTOR
4732:S2CID
4712:(PDF)
4367:S2CID
4239:JSTOR
3161:JSTOR
3106:[
3083:JSTOR
2526:5 May
2500:5 May
2416:(PDF)
1737:Notes
1320:101%
1297:12.5
1286:123%
1184:were
1080:Mainz
773:bonds
378:bonds
5687:ISBN
5664:ISBN
5633:ISBN
5611:ISBN
5593:help
5550:ISBN
5527:ISBN
5505:ISBN
5483:ISBN
5459:ISBN
5436:ISBN
5413:ISBN
5390:ISBN
5371:ISBN
5315:ISBN
5296:ISBN
5277:ISBN
5251:ISBN
5232:ISBN
5210:ISBN
5187:ISBN
5074:ISBN
5051:ISBN
5023:ISBN
5004:ISBN
4965:ISBN
4940:ISBN
4904:ISBN
4884:2014
4858:ISBN
4839:ISBN
4813:ISBN
4794:ISBN
4775:ISBN
4752:ISBN
4694:ISBN
4664:ISBN
4638:ISBN
4616:ISBN
4600:2014
4571:ISBN
4547:ISBN
4526:ISBN
4500:ISBN
4470:link
4450:ISBN
4431:ISBN
4410:ISBN
4384:ISBN
4331:ISBN
4304:ISBN
4279:ISBN
4256:ISBN
3344:2014
3337:Time
3190:2023
3153:ISSN
3112:ISBN
2528:2024
2502:2024
2424:2024
2061:ISBN
1913:ISBN
1638:and
1601:were
1541:Saar
1317:392
1311:112
1303:46%
1300:179
1283:473
1277:132
1269:38%
1266:147
1260:40
1094:and
884:Ruhr
820:Ruhr
588:The
568:and
490:Asia
362:The
5338:104
5150:doi
5113:doi
4724:doi
4359:doi
4231:doi
3145:doi
1507:".
1294:50
1280:33
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